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Trust Fund. The kid is taken care of, yet can't blow it all at once. There are several kinds, so they need to talk to a lawyer. Several of my parents friends did this.
No. But I might buy a cottage for the addict at least to always have a place to live...if I was very wealthy leave a trust somehow to pay the taxes and utilities forever...and to follow up on repairs...while they owned it...didn't sell it.
When I gift money to a relative I always write a check directly to her Utility company ---esp before Winter....or else her dead beat son figures our how to get the money.
Set up a trust for the daughter at risk with the trustee authorized to disperse the funds for housing, food, further education, and a living allowance. Do not give her the entire allowance all at once.
Unless a child that had substance abuse (and alcohol) problems has been reformed for many, many years, I would never leave any substantial inheritance to them.
I would form a Special Needs Trust and pay for basic needs like healthcare, car insurance and other basics from that trust. The best thing is that the trust cannot be touched by creditors if they run up a bunch of debt and get sued.
We have a daughter that's untrustworthy and cannot deal with money. Her two children are not showing signs of responsibility with money either. We've got to give another daughter more money than she really needs and we may have to give the rest to charity.
We worked too hard and sacrificed in order to save money, and we don't cherish giving it to people that will blow it all promptly.
I'd put a stipulation in the will that the money is placed into a trust, and paid out as an annuity (lifetime payments, or 26 years like a lotto jackpot).
The condition of receiving the payment, is you have to produce urinalysis or hair follicle drug test every month or quarter. If you fail or choose to forfeit, the money goes to [insert your chosen charity here].
Obviously you have to provide the funds for a professional Executor, an impartial 3rd party with no pre-existing relationship to the trustee(s).
I'd be like being on parole/probation for the rest of your life, which is what a normal life is.
How much of the funds is the impartial third party going to take, though? 100K is only going to go so far especially with professional administrative fees and drug testing. Your kid would only get a fraction of that money.
Once our kids reach a certain age, we have to let them fly and choose their own course through life.
Most likely the addict kid will blow through that money like there is no tomorrow. It'll be gone within the year. But there is also a chance that a sudden windfall will make them feel like there is hope for their life and they'll try to do better. Ultimately, it'll be up to them. You can't do it for them no matter how much you love them.
Nope. You want to throw away your life, don't look to me to support your impending death.
Harsh? Yup. And i have cut my children mostly out of my will for a LOT Less, although still extremely hurtful behaviors.
There is NO obligation to do anything with one's assets other than what they specifically wish to do with them.
Good.
I’ve seen what happens when you leave a loser money. They just destroy their life. Period. I know of a 19 year old kid was left a Trust fund plus a house on acreage worth millions. The kid got a few thousand a month to live on plus a yearly lump sum of $25,000. All from Grandmas estate after she died. The kid was all about drugs, alcohol and parties and a flop house for all the other derelicts and losers in town. Well known by the police and sheriff. Last I heard he lost the property and he was in prison. Great job Grandma, you were stupid for leaving all that wealth to someone that should have been living under a bridge and meanwhile, some deserving person struggles through life doing every thing right. She did way way more harm giving a scumbag money.
If she 's an addict, that's exactly what she's likely to do. Many wealth addicts end up dead in a bathtub.
The father would be wasting his money, and possibly contributing to an overdose.
The truth.
Most rich kids with addiction issues end up passing away at home.
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