Legal Question in Wills and Trusts in California
We would like to restructure our will because our 2 adult children are incompetent (one mentally ill and the other a drug addict). We wish to first give small bequeaths to each of our siblings with the balance of our estate to be divided between our two children, but in trust until they are 30 years old, so that they don't blow their inheritances. My sister would be appointed trustee and asked to pay them each a fixed amount each month for their support. Will we need to establish the trust in advance of our deaths?
1 Answer from Attorneys
First, you should set up a "living" trust now to avoid the expense and hassle of Probate. This will include trust provisions for your children for after your deaths. Secondly, it sounds like at least for your son who suffers from mental illness that he may be eligible for public benefits, including Medicaid, and if so you need to leave any inheritance for him in what is called a Special Needs Trust. You should consult with an Estate Planning attorney who specializes in this area. I am a member of the Academy of Special Needs Planners and would be willing to have an initial free consultation with you to discuss some of these issues.
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