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.Read More
If you have a loved one who suffers from mental illness, you may wonder how you can continue to provide loving support even after you have passed away. Your estate planning can help. Here are three ways to use estate planning to provide ongoing support for a mentally ill family member.
#1 Appoint the Right Trustee
If you want to leave funds to your family member but want to be sure they are used properly, selecting the right trustee is a must. This honest and caring individual can help to dispense the right funds at the right time and for the right reasons.
#2 A Trust That Covers Treatment
You can set up your trust to cover the expenses of any voluntary treatment your loved one decides to undergo. This can help to ensure that he or she does not forgo needed treatment due to feeling like it is too big of an expense.
#3 Provide Structure
If your loved one deals with things like anxiety, depression, or hoarding tendencies, a large inheritance may feel like more of a burden than a blessing. A well-structured estate plan can remove the uncertainties by only allowing dispensations for particular expenses. This relieves the loved one of the pressure to avoid misusing the funds due to some type of compulsion.
Setting Up a Discretionary Trust in California
If you want to provide ongoing care for a mentally ill loved one using your estate planning, Petrov Law Firm can help. Our compassionate estate planning attorneys can help you to set up a discretionary trust, will offer advice for choosing the right trustee, and can help you legally execute all of your documentation so that your wishes are sure to be carried out. To learn more, call our San Diego office today at 619-344-0360.Read More