Unreliable children isn’t a direct risk to you personally, but if you think about it, probably one of the last thing you would want, is for your estate or money to go to a beneficiary that has ‘gone off the rails’.
Leaving a pile of money to someone who has become a compulsive gambler, or an alcoholic or even getting hooked on drugs could in itself be life threatening. We could even be talking about a beneficiary who is unable to care for themselves, and it would be devastating to see the State use your money to pay for basic living expenses rather than be used to enhance someone’s quality of life by paying for luxuries.
We are talking about using a Discretionary Trust to shelter money for one or more beneficiaries. The money is controlled by your chosen Trustees who will use itfor the beneficiary’s advancement, education or life benefit – or simply hold on to it until the time is right to give the money outright and close the trust.