addict and estate plan
I need to figure out how to allocate the proceeds of my life insurance after I die. I see 4 choices concerning my AS: half the proceeds without restriction (the other half going to my healthy son), token proceeds, no proceeds, half the proceeds in trust with restrictions on its use (addiction treatment, going back to school, etc.)
Currently, my AS would receive half the proceeds without restriction. But his self-destruction has accelerated lately, and not only is treating him equally not fair to my healthy son, I have come to believe that having virtually unlimited money to spend on drugs might end up killing my AS.
I am currently leaning toward a trust with restrictions (discretionary spendthrift trust). Has anybody here done that? If so, could you point me to resources for drafting the specific language describing how the money could be used?