Planning for the Financial Future of a Troubled Adult Child
Are you concerned about any of your adult children? A well-executed estate plan can pose extra challenges for families with adult children struggling with addiction, marital issues, or irresponsibility with money. The last thing you want is for your wealth to end up having a negative impact on your child, or to see them squander their inheritance. Many parents are concerned about what they can do to shield an adult child who struggles with problems like these from bad decisions and bad people that could worsen their child’s situation.
This is often a hidden issue within estate planning conversations, as it’s a sensitive topic that can bring up painful memories or emotions. Some parents are apprehensive to discuss their troubled adult children with friends or colleagues because of its private nature and potential for judgment from those outside the family.
However, estate planning offices like ours are safe spaces where we work diligently to craft the best possible plan for your family while taking your unique challenges into account. While these conversations may be difficult to have, they are crucial to ensuring that your wishes are carried out the way you want. It is important to put your trust in your estate planning attorney knowing that they have both you and your troubled adult child’s best interests in mind. 
Step #1: Figure out which estate plan works for your family
First, understand that what works for your family doesn’t necessarily mean an identical plan for each of your children — it’s okay to customize your plan to work differently for each beneficiary depending on their unique path through life. Initiate a frank discussion with us about any concerns you regarding your adult children. The worst course of action is to pretend the issue isn’t there or that it will somehow resolve itself. Bringing these factors to light may improve the situation. Also, it should help you create the best possible plan for your family.
Step #2: Create a tailor-made plan to mitigate estate plan risk
A lifetime trust can be a great solution to prevent an inheritance from making a troubled child’s situation worse. Lifetime trusts spread distributions over the course of your beneficiary’s entire life. This significantly reduces the risk that they waste their entire inheritance on harmful substances, irresponsible spending, or contentious divorce proceedings. Lifetime trusts keep your wealth out of the hands of the probate and divorce courts. What’s more, they ensure that the assets contained in the trust stay in the family even after a divorce. Do you already have the benefits of lifetime trusts written into your estate plan? Or are you simply not sure)? We can review your current plan. At Skvarna Law, we can make sure everything is customized to optimize your child’s long-term security and well-being.
Step #3: Follow up with us continually
Put a plan in place to protect all members of your family. Then, make sure you follow up with us, your financial advisor, and your family. The estate should continue to work as intended despite changes. Rely on your financial advising and estate planning professional team to answer any questions. Your team can help make any necessary changes as time goes by. Staying in touch frequently means that your plans stay up to date. Also, it should continue to further your goals for your family.
About Skvarna Law
A skilled attorney can assist with your estate plan. Contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. We provide legal services for individuals living in San Bernardino, Los Angeles, Orange and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
