If you have a son or daughter battling a serious drug or behavioral addiction you can place their inheritance in a ‘Spendthrift Trust’ built into your ‘Living Trust.’ The child’s inheritance is managed by a ‘Trustee’ and used for the benefit of the troubled adult or youth. The Trustee can be a family member, trusted friend, or professional fiduciary. The Trust can provide the appropriate level of support for the situation as it may unfold when you’re deceased. Also, incentives to stay clean or avoid destructive behaviors can be written into the Trust. For example, assets can be disbursed when milestones in sobriety or treatment are achieved. Furthermore, the funds will be safe-kept and available for professional treatment when the son of daughter is ready.
The Living Trust Source, powered by 1Source Law LLC, recommends that parents with heirs struggling with addiction consider a Living Trust specifically designed for their needs.
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