The-living-trust--don-t-lose-control-of-your-assets
By Steven W Allen
A living trust will not only protect your loved ones from difficult, costly and time-consuming legal procedures like probate, it may even protect you from the similar legal issues during your own lifetime. A living trust can be used in case of your incapacitation, whether it is temporary or permanent. It is a legal document that can be put to good use during serious illness, not just in the case of death.
What Could Happen Without a Living Trust?
If you are ever involved in an accident or a sudden on-set debilitating illness, you may not be able to speak for yourself or take care of your own financial affairs. Another person, who realizes that you are in this condition, may take it upon himself or herself to take care of your financial interests. By petitioning the court, without any objections, this person could be named conservator of your financial and health decisions. You are particularly at risk for situations like this if family members are not nearby.
In this type of situation, your entire assets will be available to and at the whim of another person, not of your choosing. A living trust can prevent this.
You can appoint a trustee to look after your assets and health care decisions and make sure that the proper safeguards and conditions are in place. Without a structured living trust, your assets are at risk.
Someone who has been named your conservator could:
- Sell off your assets
- Make medical decisions on your behalf
- Purchase things in your name
- Transfer money indiscriminately
- Damage your credit
- Make your life miserable
Once a conservator status has been legally given by a judge, it is very difficult, costly and time-consuming to revoke. Unless you can clearly prove that you have indeed improved to the point of being able to take over your finances again, and without question, the conservator status may not be waived.
Delaying Estate Planning is Natural
Since no one likes to admit that death could happen at any time, we often procrastinate when it comes to final arrangements like wills, estate planning and living trusts. However, it is not just death that could cause a living trust to be activated. This document can also protect you from unscrupulous individuals at a time when you are most vulnerable.
Don't delay another day. Pick up the phone and arrange to meet with an expert estate planning attorney to put a living trust in place for your well-being and that of your heirs. The sense of peace that this single document inspires is a benefit to enjoy while you are healthy and able.
Article Source: http://www.upublish.info
About the Author:
Steven W Allen
Discover the Secrets of Wealth Preservation as expert estate planning attorney, Steven W. Allen, reveals the proven estate protecting strategies that have been used by the wealthy for centuries. Visit www.LivingTrustDr.com now for more tips and tools to protect your estate from taxes and probate.
Keywords: estate planning, living trust, living will
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