Hit Me Baby One More Time?

Scott,

My four siblings and I have inherited close to $100,000 between us. I am the executor, and am unsure how best to manage the funds. At the moment two of my siblings are unaware of the inheritance as, to be honest, they will most likely spend a good amount of it on drugs. Would it be best to divide it individually, or invest it as a whole, or set up trusts for these two? Even with a trust, I don’t know when the best time to release the money would be. Help!

Chris

Hi Chris,

Have you seen the explosive documentary on Britney Spears?

After Britney went off the rails in 2008, her old man took out a court-approved conservatorship. This order essentially makes him her legal guardian and gives him authority over her finances and personal decisions. The controversy is that many of her fans believe the conservatorship is exploiting rather than helping the 39-year-old superstar mum.

So what does all this have to do with you?

Well, you’re acting like Britney’s father … only worse.

I mean, at least he went to court and got an approved order … you’re doing this under your own steam.

Chris, let me be very clear: IT’S NOT YOUR MONEY.

It’s your siblings’ money and, heartbreaking as it is, if they want to blow it on drugs then that’s their business. As an executor you are the servant, not the boss, and you are duty-bound to inform the beneficiaries, and then distribute the money as per the deceased’s wishes.

Now I know you’re a caring brother and you only have your siblings’ best interests at heart.

So you should urge them to see specialist drug counsellors. They can talk through the very serious issue of the money fuelling their drug addiction, and the compounded pain and shame of blowing their inheritance. They may decide to hand over financial power of attorney to you (or someone else they trust). They may not. Either way, it’s their life, and their decision.

If you feel that they are vulnerable and lack the ability to look after their money you can seek an administration order in your State. It’s a legal document that gives a person (called an ‘administrator’) power to make decisions on behalf of another person about financial affairs. This includes money, property and some legal matters. But it is a big responsibility. And it may be opposed.

#FreeBritney.

Scott.