A True Story:
I recently consulted with a loving husband who relayed the following problems. His wife had a mini stroke 15 plus years ago but was able to recover and was fully competent. However, they did not take care of their estate planning needs during this time. Now, the wife suffered another stroke and is incompetent to the point where she cannot create any legal documents such as a living trust nor sign any grant deeds. Husband wants to sell their house so that they can move closer to their children.
The problem? Now husband will need to seek a conservatorship in court in order to legally sell their home. This will take several months and cost several thousands of dollars in legal fees.
All of this could have been avoided with a Revocable Living Trust.
THE MAIN GOAL OF ESTATE PLANNING IS TO ELIMINATE ANY POTENTIAL CONFLICTS FOR YOUR HEIRS.
* Separate children from prior marriages
* Under age children
* Irresponsible heirs
* Large sums of inheritances
* Children with mental or physical disabilities
What exactly is a Living Trust?
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Can I use my Living Trust as a way to protect my assists in a law suit?