You might know that a good living trust allows you to avoid probate and keep your estate as private as possible, but you may not be aware that living trusts also have significant incapacity planning benefits. Here are several ways a revocable living trust can help you if you are ever incapacitated.
Your successor trustee takes over when you say.
A lot of people choose to name themselves as their own trustee in their revocable living trust. However, you also need to name a successor trustee who can take over after you die or become incapacitated. Because you create the trust yourself, you can choose when the successor trustee takes over. If you don’t have a revocable living trust and have to rely on a court to name a guardian or conservator, you have no control over when that person takes over.
There is no lengthy court process.
When you create a living trust and transfer some or all of your assets to it, you give that trust a life of its own. Because the trust owns the assets and the trustee manages the trust, that management process won’t be disrupted should you become incapacitated.
For example, let’s say you are in a car accident and are no longer able to manage your property or make decisions. If you placed your assets in the living trust, your successor trustee will begin managing the property as soon as you are incapacitated.
You can learn a lot more about living trusts at one of our next free client workshops. We’ll be in Vero Beach on February 25th, and Port St. Lucie on June 19 and 20th. Contact our office for registration details.