Let's face it. Many families have a Black Sheep that has caused serious problems for the family and himself or herself.
When it comes to working on your estate plan, you may do so with the goal of leaving as much of what you worked your whole life to obtain behind for your loved ones as possible.
However, in some cases, there may be additional considerations involved. For example, maybe you have several children, and you want to distribute your assets between or among them after your passing, but you do not necessarily want to make equal distributions to each of your children.
Perhaps you have a child who has been attentive to your physical or health needs while another child or children may have not done so. You may want to reward the child who sacrificed to give you that care.
Similarly, you may have a child who is struggling with, for example, alcohol, drug or gambling problem, and you have concerns about leaving this child money and are considering perhaps disinheriting him or her.
In such situations, you may want to consider establishing a living trust, which can help address these and similar family issues. Just how can creating a trust help you, if you are facing one of the above situations?