Whether or not we want to admit it, many families struggle with very similar issues. One problem that we see frequently is families who have children (or other potential beneficiaries) who are addicted, or suffer from extreme irresponsibility, lack of financial discipline, or just downright laziness.
Without commenting on the medical issues associated with addiction, for purposes of estate planning you should understand all of the issues above typically result in the same general quandary for the parents: the problem of how to deal with their estate planning. In most cases, parents want to provide a legacy for their family, provide for them, but not hurt them. The prospect of leaving any significant amount of money or assets to someone who can’t handle it worries most parents.
Fortunately, estate planning attorneys have options to help families that struggle with these situations. Simply put, there are several very good methods of passing on your estate without harming your heirs. Options can include using trusts, working with other trusted family members, or requiring certain conditions be met by beneficiaries in order to inherit. The point you should understand: there are options.
Experienced estate planning attorneys are familiar with options that can help you work through problematic situations, including those discussed in this article. No matter what, you should not avoid having your plan professional completed because you are worried about this kind of situation. If you are in a family that struggles with this kind of issue and need help completing your estate plan, call us today. Our attorneys are highly experienced in planning and can guide you through a simple, cost-effective process to resolve these issues. To learn more about our estate planning practice, click here for more information.
ATTORNEY CHRIS PARVIN is Board Certified in Estate Planning & Probate Law by the Texas Board of Legal Specialization. Mr. Parvin is the Managing Attorney of the Dallas, Texas law firm of the Parvin Law Group, P.C. and serves as an Adjunct Professor of Law at Texas A&M University School of Law. Mr. Parvin can be reached by email at [email protected].
PARVIN LAW, P.C. is a Concierge Law Firm in Dallas, Texas with attorneys practicing law in the fields of Estate Planning, Probate, Business Law and Family Law. Learn more about our practice and group of dedicated legal professionals by visiting our website at www.parvinlaw.com.