Last newsletter we talked about how David Cassidy left a child out of his Will. We talked about how families sometimes do that, and one of the reasons they may do that.
This article is going to briefly discuss putting a clause in your trust that requires beneficiaries to stay sober.
Hugh Hefner passed away in September 2017, he was 91. It recently came to light that in his Trust he requires beneficiaries to stay away from any unprescribed drugs. They also must not become dependent on alcohol.
We all remember Hugh Hefner as the founder of Playboy Inc. His magazines are famous, but did you know he was also a big supporter of the
civil rights movements. He has quite a legacy. He leaves behind an empire to his 31-year old widow Crystal Harris and four children between the ages of 65 and 26. Some of those children even work for the company he founded.
Hefner has a clause in his Trust that requires his loved ones to stay sober or risk loosing out on the money he left for them. He did provide a chance to get back on good terms. If a beneficiary stays sober for one full year they have the opportunity to reclaim their portion of the family’s fortune. But it does allow for the Trustee to drug test beneficiaries at any time if they believe they are violating the agreement.
Putting in these sorts of clauses was actually quite common in the 1980s during the drug epidemic that Reagan fought as president. It died off a little as time wore on. It looks like Mr. Hefner knows what happens at his infamous Playboy parties and wants to make sure his beneficiaries are staying clean.
If you think you need this in your Trust, it is easy to include. Make sure your estate plan fits your desires and protects your family the way you want to. Give our office a call if you need to up date your plans or need to get a start on your estate plans 818. 887.9401.