Q&A Would it be sensible to leave estate in trust for a drug addict son?

Q:      Our grandson stands to inherit a substantial sum from our son and daughter-in-law who have both done well from humble beginnings. He is 26 years-old and is an only child who came along late in their lives. He is spoiled and has never worked, and although they would not admit it to us, we know he uses drugs.

They made new Wills last year after my son was diagnosed with cancer, but we are worried that if his parents should die, our grandson will just squander his inheritance and we won’t be around to stop him. Wouldn’t it be a good idea for them to leave their money in trust for him?

A:       Sadly, there is a growing number of parents who are facing the dilemma of finding ways to protect their vulnerable offspring from themselves after they have gone. Making future provision for them in a way that will ensure control over how the money is spent is crucial, particularly if they are likely to use it for drug abuse.

Leaving the money in trust is the obvious way of maintaining control after the parents themselves have gone, but it is essential that guidance is sought from a lawyer who is qualified and experienced in estate planning, to ensure matters are dealt with in the most tax efficient way.

Your son and daughter-in-law should make an appointment to see a private client lawyer who is a member of STEP (Society of Trusts and Estates Practitioners). STEP is a global professional body of lawyers and other practitioners that help individuals and families to plan their financial futures in the most effective way.

Full STEP members, known as TEPs, are internationally recognised as experts in their field, with proven qualifications and experience, making it the benchmark for excellence for all private client lawyers.

This question has been answered by Lisa Jones, a Senior Solicitor with GHP Legal and a member of STEP.  If you would like to speak to someone about this or any other legal matter it is still possible, and we are doing everything we can to ensure that we continue to offer our high levels of service to our clients.  Where possible, we ask that you communicate with us by phone or email. If you have a new enquiry or for an appointment visit www.ghplegal.com or contact one of our offices: Wrexham 01978 291456, Llangollen 01978 860313, Oswestry 01691 659194