Leaving Money to an Irresponsible Family Member

Yee Law Group Inc. > Leaving Money to an Irresponsible Family Member

Trust Attorney Roseville, CA

When putting together your estate plan, there is much to consider. It’s not uncommon to have a number of worries, especially when you have irresponsible children or family members that you would like to leave an inheritance to. When it comes to your children, the thought of leaving them without some of your wealth can feel like a hard pill to swallow. A trust may have the ability for you to leave money to someone whom may be irresponsible. This can provide you with more options when faced with a family member who may not yet be in a place to inherit assets from your estate. A trust creation lawyer may have the ability to review your situation and help you develop a trust to safeguard an irresponsible family member from themselves.

Protecting Loved Ones From Themselves

One of the best options for situations where a loved one is financially irresponsible is through the creation of a trust. A trust gives you the ability to leave some of your wealth to this individual while putting assurances in place that keep the assets you are leaving them intact. With assets in a trust, you will have the ability to appoint a trustee to oversee the management of a trust so that your wishes are explicitly followed. The trustee you have appointed will work to carry out your instructions in the manner you have indicated in the trust. The trustee will be the person to oversee the trust and can help to make sure that the trust isn’t spent frivolously by the financially irresponsible beneficiary.

Clearly Outlining Instructions Within the Trust

A trust can give you the ability to clearly outline instructions that indicate how you would like your trust to be managed after you are gone. Some ways you may be able to do this may include:

  • Disburse money over time
  • Provide payments or assets to loved ones based on their performance.
  • Put conditions in place in order for a beneficiary to earn their trust
  • Providing beneficiaries with access to their trust once they reach a certain age
  • Matching the income of a beneficiary or providing them with a percentage of their income earned
  • Instructions that outline how property may be used or not allowing property to be sold for money
  • Allocating funds to pay off certain debts that may be accrued by a beneficiary such as student loan debts

When creating a trust, it’s best to review all of your options. Trusts have the flexibility to be customized to meet your specific needs. With the help of a trust creation lawyer, you can ensure that no detail is left out of the trust.

Hiring an Attorney

Creating a trust can be a particularly complicated process, one that is best suited for an attorney. Hiring a lawyer with experience in this particular area of practice has the ability to assist you in making sure that you have left nothing out of the trust you are creating. When it comes to irresponsible beneficiaries, you will want to make sure that you have put the proper measures in place to safeguard the assets you have worked so hard to build. This will give your beneficiaries the ability to responsibly reap the benefits. It can be particularly unsettling when considering a beneficiary who may be irresponsible or not yet ready to manage the inheritance you are leaving them. An attorney can help you to properly create a trust and outline instructions within it that ensure that inheritance is not frivolously spent.

You have worked hard to obtain the assets and property that you are in possession of. The last thing you want to occur is to leave your estate to someone who will waste it away without a second thought. Despite this, it’s possible to put a plan in place to safeguard your assets for your loved ones. A trust may be able to provide you with the peace of mind you need in ensuring that the trust you leave your loved one is managed appropriately for the long term. Contact a trust attorney in Roseville, CA from Yee Law Group for help in determining the best way to safeguard your assets so that your loved ones are able to benefit from them.