DOES A LIVING TRUST HELP ME IF I BECOME INCAPACITATED?

With a trust in place, you have named successor trustees. Their job is to not only act in the event of your death, but also should you become incapacitated. That successor trustee would take over your responsibility and would begin managing your trust assets for you.

If you have not set up a trust or other power of attorney document naming someone to act on your behalf should you become incapacitated, a court would have to name a person to act on your behalf in a guardianship proceeding. 

This can be a long, drawn out, expensive process.  There is substantial, and on-going court intervention into your financial affairs.  This can be avoided by setting up a trust (for trust assets) and power of attorney documents, naming an agent to act for you, for non-trust assets. 

HOW DOES A LIVING TRUST BENEFIT ME WHEN I DIE?

Assets held in your living trust at your death can be managed by the trustee of your living trust and distributed in accordance with your directions in the trust. The trustee is also accountable to your beneficiaries for the trust assets held for their benefit after your death. Trust assets would not be required to go through probate, and therefore would not become public record. This provides for a smooth transition of your property, without court intervention.

The cost of setting up and managing a living trust are often much less than the cost of going through probate.

Wills & Estate Planning in Austin, Texas for Seniors  -  Willie Elder Law in Austin  bwillie@WillieElderLaw.com  or call (512) 478-0834