A Living Trust Estate plan with the proper accompanying documents provides you with the opportunity to designate a spouse, child or other third party to act as your “Successor Trustee” and handle all of your affairs without the necessity of the legal process known as Conservatorship. A properly prepared Living Trust Estate Plan will help avoid Court hearings to determine who should be appointed your representative, examinations to apprise the Court as to whether you are incompetent or not, and continuing obligations to account to the Court for the handling of your financial affairs.
What documents are included in a Living Trust Estate Plan?
- Living Trust
- Grant Deed(s) transferring all property into the Trust
- Durable Power of Attorney for financial affairs;
- Advance Healthcare Directive for emergency medical decisions;
- Assignment of all assets;
- Certification of Trust; and
- Pourover Will.
Doesn’t a Living Trust Plan only benefit my children/heirs?
While it is true that the primary economic/cost saving benefit of a Living Trust Estate Plan is avoiding the expenses and delay of a Court Probate process, most people are unaware of the significant lifetime benefit that a Living Trust Estate Plan provides B provisions to avoid a Court conservatorship in the event you are incapacitated.
If you suffer you a stroke or are incapacitated by Alzheimer=s, dementia, etc., in the absence of a Living Trust Estate Plan, Court proceedings separate and apart from a Probate proceeding are required. That process, known as a Conservatorship, is time consuming and very expensive.
The information contained herein is general information about the law only. The law is subject to change. If you have a specific legal question and want your question(s) answered, consult with an attorney.