On Friday, September 13th, Attorney Paula Mattson-Sarli discusses revocable living trusts from the perspective of the trustee later becoming incapacitated.

Attorney Paula Mattson Sarli does a lot of elder law and also estate planning at our firm and finds that revocable living trusts can be very effective for our clients that become incapacitated later in life.

Trusts are often suggested as a way to avoid probate, however there can be other ways to achieve that goal such as setting beneficiary designations since those override Wills and Trusts. A life estate deed would also transfer the deed at your death to whom you choose. However, if you choose for that to be for your 3 children and they don’t all always agree, then this may not be the best strategy.

During incapacity, having a co-trustee can make sure investments are being taken care of and that there isn’t any outside influence. Also, if there aren’t any children, then using a bank or attorney could ensure that finances are protected.

The goal would be keeping you in control as long as possible, but also having back-up plans in place and that your wishes are carried out. Do not solely rely on beneficiary designations. You want to have someone making sure that these choices are being acted upon.

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