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Beneficiaries, addiction and trusts

Beneficiaries, addiction and trusts

| Oct 19, 2018 | Wills And Trusts

People create estate plans for a number of reasons and often want to make sure that their loved ones receive a portion of their estate after they pass. Unfortunately, there are times when this may be difficult or impossible altogether, such as someone who wants to pass down assets to a loved one, but they are addicted to drugs or gambling, for example. If you have a beneficiary who is an addict, there are a number of considerations that you should be aware of. You may want to set up a trust and take steps to ensure that your assets will not be used to acquire drugs or wasted at the casino.

Sadly, many people are struggling with addiction due to the opioid crisis and there are all sorts of other substances that people find themselves addicted to. Sometimes, this results in estrangement and other family challenges and some parents may cut their child or grandchild out of the will altogether as a result of addiction. However, you may still love your child even though they are having a hard time with an addiction and there is also the possibility that one day they will become clean, in which case you may wish that you had given them a portion of your estate.

You may be able to set up a trust which has certain guidelines to ensure that your beneficiary is clean. For example, you could appoint a trustee to ensure that the trust funds are not being misused for drugs.

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