I was speaking with an elderly gentleman recently who was concerned about the money he would leave his family upon his passing. He has been widowed for many years and has one adult son. It seems like a no-brainer that he would leave his estate to his son. But, his concern is his son would quickly go through his inheritance and wouldn't benefit from the inheritance in the long run. These types of children are called "spendthrifts."
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Typically, a person in this situation could call upon another family member to control the inheritance for the son. This sometimes causes infighting in the family when one family member controls the money of another family member so you have to choose this option carefully. However, this gentleman doesn't have any other family members who can control the inheritance for the son so it's not an option for him.
In this case, he should consider creating an inheritance trust and hiring a professional trustee to handle the inheritance of the spendthrift son. That way, the gentleman can have the peace of mind knowing the inheritance will benefit the son for years to come instead of lasting one weekend in Las Vegas.
Are you concerned with what your spendthrift child will do upon your passing? It's important to work with an experienced estate planning attorney in Marietta who can go over all of your options so you can have the peace of mind knowing your spendthrift child is protected from themselves. If you would like to have your plan set up the right way, the first time, call us at (678) 809-4922.
John P. Farrell, Esq.
Mr. Farrell is the author of Estate Planning for the Modern Family: A Georgian's Guide to Wills, Trusts, and Powers of Attorney. You can learn about his book here and learn more about John here. Join the more than 1,500 people who subscribe to his Newsletter here. Feel free to send John a message here.
