This is probably not the right board for this, but I can’t think of a better one so here goes. Feel free to point me in a better direction.
I have an elder SIL with no substantial assets, save a small house and >$50k savings. She has designated her nephew (who is also our nephew) as her sole beneficiary in case of death. He is the only child of anyone on that side of the family.
Unfortunately, about a year ago he had a breakdown, and has since become paranoid delusional, quitting his job, living with his parents after moving out of the big city. He refuses help, won’t take meds, and now has a dysfunctional personality. He is “human being” capable but not “business” capable, and has lost jobs as he sinks into the miasma. (“My brain is being controlled by the CIA from California.”)
It seems to me that an annuitized payout would be a better way for the SIL to go, I think if he got the house & cash in one fell swoop it would last less than a year (new car! Drinks for all my friends!) And yet the estate isn’t large enough to go through the expense of a trust or similar.
So is there is cheaper way to structure something like this, and hopefully bullet-proof it so he can’t also just take it to J.D. Wentworth because “he wants his money now”?
[I figure people on this board may have some working knowledge of this sort of thing as we investigate our own estate planning. At least I hope. Looking for help, here.]