High net worth individuals in Indiana need to think carefully about estate planning. Part of that means determining who their beneficiaries should be and what they should get from the estate. This can become much more complicated when someone in the family is troubled. If a child or grandchild struggles with addiction or has a mental illness, it can seem like a bad idea to give them a large sum of money. However, there are ways to ensure that all family members are provided for.
Planning for family members who have problems
There are several ways to approach the issue of troubled family members. The first is to simply disinherit them. In the United States, no one is required to distribute an estate equally among their offspring. It’s very possible to just leave someone out. Remember, it’s a good idea to revisit estate plans every few years, so it’s possible to change this in future versions of a will.
A more compassionate option may be to set up a trust for the person in question. It’s possible to tie the money they receive to specific milestones. For example, receiving funds might be contingent on them finishing college or holding a job for a specific length of time.
Another option is to treat the person involved almost like a disabled family member. The estate owner can set up a trust and appoint a professional to oversee it. This person, then, becomes the contact responsible for helping the troubled family member navigate their finances.
Help with estate planning
Estate planning is always complicated, especially when a family member is struggling. In these situations, it can be a great idea to contact a lawyer. A legal professional may have very useful ideas about solutions for these difficult decisions.