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Hugh Hefner was known for throwing lavish and decadent parties at his Playboy Mansion. The parties were often described as wild affairs that lasted well into the night.
Hefner might have been known for these wild parties, but he wanted to place limits on the partying of his kids.
How could he ensure that his kids kept their partying under control after he was gone – with estate planning.
According to Page Six, Hefner’s trust contains provisions that allow the trustees to stop distributions to any beneficiary suspected of frequently taking illegal drugs or being dependent on alcohol or drugs. The trustees can even request drug testing and treatment of beneficiaries. If the beneficiaries stay sober for at least a year, the trustees can resume distributions.
These provisions in trusts are often called good behavior clauses.
The clauses are a popular way to make sure that the heirs don’t waste their lives and inheritance.
They are meant to ensure that the beneficiaries maintain their own careers and healthy lifestyles. Beyond just policing for drug use, good behavior clauses often require that beneficiaries stay in school, maintain jobs, raise a family and more.
If you are concerned about what your heirs might do with their inheritances, then talk to an estate planning attorney about a trust with a good behavior clause.