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