An Estate Plan that Cares for a Mentally Ill Beneficiary
Mental illness is a disease. If your beneficiary had multiple sclerosis or some other chronic ailment, you would no doubt take steps to ensure their comfort after you pass. The same is true when your beneficiaries deal with depression, anxiety, or even something like schizophrenia. Here are a few tips:
- Be careful when selecting a trustee – You need someone who is going to be genuinely understanding of your loved one’s health condition and who will handle the funds appropriately.
- Provide instructions for dispensation – Help your trustee to know when and how much to dispense from the trust by leaving detailed instructions. This can help your beneficiary to avoid squandering the money when the illness is acting up.
- Cover costs of voluntary treatment – It can be both embarrassing and expensive to have to get therapy, seek psychiatric help, or even check into a medical facility. Make it easier for your loved one by including coverage for voluntary treatment as a part of the trust.
This isn’t to embarrass your loved one or make them feel less competent. You are trying to protect your dear family member from the effects of a chronic illness, and that is a loving thing to do.
Estate Planning Assistance in San Diego, North County, and Chula Vista
Petrov Law Firm offers you assistance in all sorts of estate planning from our convenient locations in San Diego, North County, and Chula Vista. To learn more, call us today at 619-344-0360 to schedule a consultation.
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