How can you provide for an adult child who cannot handle money?
This question often comes up for parents of adult children who have drug or alcohol problems. The parents do not want to leave money outright to the child because they fear the child will squander it. But they do not want to leave the child without financial support.
One answer to this problem is the spendthrift trust or discretionary trust.
A spendthrift or discretionary trust is one that gives the power to make disbursements to an independent trustee. The trust can go so far as to specify that the independent trustee can pay rent or food bills directly rather than giving money to the adult child beneficiary. The powers to the trustee and the restrictions on the beneficiary can be tailored to the situation. And the trust can be written so that principal is ultimately distributed to the adult child if certain conditions are met, such as clean drug tests.
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A difficult issue that arises is whom to name as the independent trustee. The more power granted to the trustee, the more the trustee must be in touch with what is happening in the adult child's life in order to make the appropriate disbursements. Often a family member, such as a sibling, is close enough to assume the role. But this can be a heavy emotional and administrative burden. A corporate trustee, on the other hand, may not be able to monitor the adult child as well.
Discretionary trusts of this nature are complicated, and they need to be tailored to each family's specific circumstances.
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