Whilst this may be a unique subject, it should be broached with sensitivity and openness. If you are concerned about leaving your inheritance to a family member/friend or person struggling with a drug or alcohol addiction, you may fear the repercussions of giving them a sum of money. The worry you may feel regarding how they will spend the money or if it will possibly fund their addiction.
With this in mind, you should be aware of the assistance available regarding this subject and the potential implications of leaving your money with someone suffering from addiction. Suppose this person has partially or fully recovered from addiction.
In that case, there still may be a lingering fear that their addiction may return or that this sum of inheritance money will initiate a relapse. This doesn’t mean you can’t give your loved one any shares of your assets. It simply means that the structure of your will may be a little different.
Potential Implications of Leaving Inheritance to Someone with an Addiction
Renouncing inheritance from someone facing addiction is a possibility. However, it may feel immoral or unfair to make such a hasty decision based on their life choices. The circumstances surrounding inheritance can make the topic particularly complex.
If you have multiple children, it may be wrong to refuse one child’s inheritance. We appreciate that every scenario can be vastly different. Therefore, you must consider the many tools and strategies available to help you.
Before we delve into the logical decision-making behind this topic, it is important to note some of the potential implications of leaving your inheritance in the wrong hands:
- Your money could fund their current addiction
- Your money could fund a relapse if they feel the money is available to start abusing again
- It could create tension between other family members
- It can cause complex legal issues and battles between other family members
- Problematic issues could arise, such as hefty legal battles and even stealing
Surely you want to conduct a fair and open strategy to provide each of your beneficiaries with the inheritance you’d like them to have. Being caught in the throng of addiction can make you feel as if your money is being wasted. It is a valid thought and does not make you unjust or unethical.
A professional team should navigate this journey, and numerous methods should mitigate any fears. Sometimes you can incorporate guardianship of vulnerable adults, which includes the issue of addiction.
Importance of Open Communication
Open communication and creating a pathway that skilfully manoeuvres through each issue will be the best way to constitute resolution. Ideally, speaking openly as a family could create tension, but it is a conversation that should be gently approached and therefore allow you all to speak up calmly and rationally.
A secure plan can be initiated when it is needed to assist all family members. It can also give your beneficiary time to analyse their lifestyle and serve them with tools and resources such as drug and alcohol rehab options. You will be able to ensure that you set the rules whilst maintaining integrity and fairness.
Numerous options exist, including trust arrangements, and incentive trusts can be created with specific notes. This means that you can create a set of rules and regulations that will help protect your assets. It is a sensible option that will bring credibility and accountability. Surely your primary goal is to ensure all your beneficiaries are settled and happy with the arrangement.
This is why open communication will allow them to be aware of the procedures before they occur. You will learn to understand the necessary worries of all family members, and you can lay down the law regarding any regulations that may be implemented.
The benefits of open communication are:
- Provides clear information for all parties
- Improves the morale between each beneficiary
- Reinforces a sense of community and listening
- Stimulates conversation, including fears and questions
- Promotes good communication after the event
- Enables change and transformation
- It armours you with relevant information and facts.
Seeking Financial Advice
Trust arrangements are the optimum choice that families make when facing addiction. It is a way to distribute money safely and under the terms and conditions, you choose, with each person understanding the steps and creating a fair pathway. Provisions may be part of this plan, which creates incentives for the addict to make the best possible life choices whilst also gaining access to the inheritance you desire.
This type of safeguarding can be created through various professional avenues. Seeking financial advice will allow you to learn deeper about how the trusts work and the best plan for your family. Our goal is to help you create a safe and hassle-free plan. You can continue your responsibilities to your family, even after you are no longer there to take care of them.
It creates a peace of mind that will be of benefit to everyone. Financial advice will assist you with the legal requirements and possible strategies to suit your situation. This solution allows you to design your strategy and distribute the funds as and when you desire and to whom. The power is in your hands, and we want you to feel empowered and satisfied that your estate and assets are being put to the best possible use for your loved ones.
Speak to Addiction Advocates
For more information relating to this topic, you will find numerous articles, information and contact details you need right here. We are available round the clock to assist you with any concerns relating to this topic. We appreciate this is not an easy journey, and with our help, we can create a plan that everybody is happy with to give you peace of mind and a sense of reconciliation.
Please do not hesitate to contact us today: call us on 0800 012 6088 or Text HELP To 83222.