In order to have a complete understanding of incapacity, there needs to be an understanding of what may take place when incapacitation occurs due to any accident. This involves knowing who will make decisions concerning your healthcare, the decisions that are personal, who will control finances, and how property and other assets will be managed.
When you do not plan for incapacitation, you will have an unclear method for planning. This may cause a legal battle to ensue among families concerning the decisions to be made as well as the asset management. This legal battle could result in a heavy cost that may also hurt family ties.
In order for you and your family to avoid bitter disputes, it is a good idea to formulate a revocable living trust that has all of your wishes listed in the event of incapacitation taking place.
How The Revocable Living Trust Helps
When a revocable living trust is implemented, you have a great tool that plans for incapacitation. Being the trust settlor, you are listed as the trustee while the trust is being created. Another individual is then listed as the successor once incapacitation has taken place and assets are needing control. Once the successor is established, there will be a transfer of assets into the Revocable Living Trust. Being trustee allows you to access the assets up until incapacitation takes place. When incapacitation occurs, the successor will automatically become trustee of all assets.
Being the trust’s trustee, the successor is able to control all assets with no need of intervention from a court. With the trust being revocable, the assets can be brought in and taken out of the trust when the need arises. The successor can also be replaced in the event that they become incompetent to fulfill their obligations as trustee. Plus, being the trustee permits you to have the term of incapacitated defined by the terms of the trust, or even have a process in place that will determine the conditions that should take place in order for the successor to become the trustee.
When you get in touch with our law office, we’ll have a revocable living trust set up so that you are prepared for any possible incapacitation. We can help you list your assets and have a successor listed based on your preference. So get in touch today with Kanzer Law today for a consultation.