Q & A – How to protect myself financially from estranged adult children?

If you are looking to protect yourself financially from estranged adult children, there are several steps you can take.

One option is to create a trust, which is a legal entity that holds and manages assets on behalf of a beneficiary. With a trust, you can establish specific conditions for the distribution of assets, such as requiring the beneficiary to meet certain conditions before receiving the funds. You can also appoint a trustee who will manage the trust and ensure that your wishes are carried out.

Another option is to consider setting up a durable power of attorney. This document allows you to appoint someone to make financial decisions on your behalf if you become incapacitated or unable to manage your own affairs. This can help protect your assets in the event that you are no longer able to do so yourself.

It is also important to regularly review and update your estate plan, including your will, to ensure that it reflects your current wishes and circumstances. This can help prevent disputes and ensure that your assets are distributed in accordance with your wishes.

However, it is important to keep in mind that each situation is unique, and the best course of action will depend on your individual circumstances. It is recommended that you consult with a qualified attorney who specializes in estate planning to discuss your options and develop a plan that meets your specific needs and goals.