When creating an estate plan in Orange County, most clients are focused on what will happen with their assets following their death. Good estate planning addresses another important concern as well, however: what happens if you become incapacitated? Each of your documents, including a will, advanced health care directive, power of attorney, and living trust can play its own role in preparing for incapacity. A knowledgeable Orange County estate planning lawyer can help guide you through the process of drafting your plan to properly protect you.
The following is an overview of how a living trust can help you in the event you face incapacity:
- If you become incapacitated, your trust can name a successor trustee to step and in and manage your assets.
- A living trust may help your loved ones to avoid a probate proceeding for a conservatorship by allowing the successor trustee to step in to control even separate property, as opposed to community property.
- A living trust avoids the expense, hassle, public nature, and court involvement of a conservatorship.
- Your living trust can provide specific instructions for how you want your affairs to be handled in the event of your incapacity.
- In the alternative, your living trust can give your successor trustee substantial flexibility with regard to how your assets are managed.
- A living trust is helpful when you are incapacitated and your spouse has either pre-deceased you or is also incapacitated.
Generally, the advantage of the living trust when it comes to your incapacity is that it allows for a relatively easy transition of control over your assets. To learn more about how a living trust may be beneficial to your estate plan, view our free guide, Understanding the Revocable Living Trust – In Language that Anyone can Understand in 8 Minutes. Contact the experienced Orange County estate planning attorneys at the Law Office of James F. Roberts & Associates, APC for more information. Call our office today at (714) 459-5481 for a consultation.