What is the best way to leave assets to an adult child who is mentally ill?

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What is the best way to leave assets to an adult child who is mentally ill?

He cannot manage money, has many debts outstanding. He is married. I
do not want him to have outright money.

Asked on November 12, 2016 under Estate Planning, Michigan

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

A trust: that way you can have a mentally competent trustee control/manage the money for him, subject to rules or guideliness you set up in establishing the trust. You probably should establish an initial trust now (an "inter vivos" trust, or one established while you are alive) with some funding, so that when you pass, there there is an ongoing source of support for him, to tide him over through the probate of the estate (which can take months, or even years). You should also have a will that will have the estate's assets (e.g. your money, your real estate, etc.) go into the trust, to more fully fund it for the future. Setting up a trust properly can be complex, and there are also tax implications to consider: you should consult with an estate-planning attorney about this.


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