There are many different benefits for having a living trust as part of your estate planning package and in this blog post series we are detailing six of the most common reasons why you should have a living trust.
One concern that many individuals have today is not about what will happen when they pass away. It is simply about living too long.
Being concerned about bills getting paid and whether or not someone will walk off with your money due to financial elder abuse can make you feel powerless. With some prior planning, however, you can avoid these situations. Certain properties could be put in a joint name alongside a son or daughter but this often doesn’t provide the full range of help that you need. This can actually create more issues when the parent passes away since these accounts will automatically pass to one child and leave other children left out.
A durable power of attorney may also be a solution but a much more comprehensive solution is a revocable living trust that allows your successor trustee to take over in any situation in which you become incapacitated or in which you resign from the responsibility. There’s also a greater level of acceptance in the financial and legal community for a revocable living trust.
Talk to an estate planning attorney in Pasadena to learn more about how to plan ahead for the future.
