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Estate planning and mental disorders

On Behalf of | Aug 2, 2019 | Estate Planning |

There is a myriad of issues that people have to consider when creating an estate plan, and nobody is in the exact same situation. For some people, such as those who struggle with a mental disorder, the estate planning process can be especially complex. Moreover, those who have loved ones who struggle with mental disorders and intend to give them inheritance may have additional considerations to look into while creating their estate plan.

From post-traumatic stress disorder to chronic depression and schizophrenia, there are many different mental disorders that can affect someone’s ability to create a good estate plan. If you are struggling with a mental disorder, it is important to approach your circumstances carefully and ensure that you have done all you can to protect your estate. On the other hand, if you have a child or another relative who struggles with a mental illness, you may be worried about listing them as a beneficiary. After all, you could be worried about them recklessly spending all of their inheritance or running into some other problem as a result of inheritance.

Sometimes, those dealing with uncertainty related to mental illness and the estate planning process benefit from turning to a third party. It is extremely important to understand how much of an impact the decisions that are made while creating or revising an estate plan can have on families and do everything you can to take a smart approach. We cover additional aspects of the estate planning process on our website.