Caring for Beneficiaries Who Live with Mental Illness
Just about every American family knows first-hand what it is like to deal with mental illness. This is because one recent article reported that nearly a third of American’s will have an anxiety disorder at some point in their life, and more than 20% will experience depression or another mood disorder.
You have to account for this when you are leaving an estate for your loved ones. Here are a few ways to make sure your family can enjoy their inheritance even if they are presently living with a chronic health ailment that affects their mental state.
- Carefully select your successor trustee – You need someone who will both respect your wishes regarding dispensation and who will be kind to your loved one who is living with an illness.
- Provide explicit instructions – Don’t leave anything up to chance. Be explicit in your explanation of how to dispense the funds in a trust or other account. This will benefit both your trustee when it comes to making decisions as well as your loved one.
- Cover medical treatment – You can include a clause that allows for early dispensation of funds for voluntary medical treatment. The trust will pay the medical facility directly so that the funds go for the right purpose, and your loved one gets the care that they need.
Protecting Your Loved Ones with Your Estate Planning
The purpose of these extra steps is not to embarrass your loved one but to protect them. You would do the same if they had a different type of health condition. Petrov Law Firm wants to help. Call us today at 619.344.0360 for all of your California estate planning needs.