Scott N. Carter, Trust Attorney, discusses the need to create estate plan documents to avoid probate and conservatorship. Trusts vs Conservatorship: Trusts and proper estate planning documents allows families to manage the estate and trust without judges telling them what to do.
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Trusts vs Conservatorship: Trusts and proper estate planning documents allows families to manage the estate and trust without judges telling them what to do. What happens with a trust is let’s say I have a married couple and they want to avoid the conservatorship as well as the probate.
Trusts are a great estate planning tool for many young families in the Triangle and throughout the state. I realize that many people think that trusts are only for the wealthy, but they couldn’t be more wrong.
Questions to ask your parentsWhat were your intentions in creating this trust? Ask why this trust was set up. ... How do you think this trust will impact me? ... Who else has access to the trust? ... What is your relationship with the trustee and/or trust administrator? ... How will I work with the trustee and/or trust administrator?
All conservators and attorneys in a conservatorship case are entitled to request the Court for fees for their work. The fees are carefully reviewed and granted by the Probate Court only if they have been properly justified. Conservators and attorneys cannot take money without a formal court order.
In general: A conservator is appointed to protect the person and/or finances of an incapacitated adult in situations where there is no responsible person already appointed. A trustee is named by someone while they are competent to manage trust property and protect the interests of the trust and its beneficiaries.
Step 1: Sign a will You need one to ensure that your chosen heirs will get the assets that you want to leave to them. In your will, you name an executor who will have the power and responsibility to pay your debts and distribute the remainder of your estate according to your wishes.
It strips away an individual's ability to make their own decisions, which can be appropriate when an individual has a mental illness or cognitive disability. However, when used inappropriately, it can be oppressive and demoralizing. The conservatee can also be at risk of experiencing conservatorship abuse.
In most instances, the powers of a limited conservatorship of the person allow the conservator to arrange for the housing, health care, meals, personal care, housekeeping, transportation, recreation, and education of the conservatee.
There are two types of conservatorships: general and limited. A general conservatorship is established for an adult who needs the assistance of another party to handle their finances and other affairs. General conservatorships are granted to those who are elderly or have been impaired by an illness or accident.
How long does a conservatorship last? A general conservatorship terminates on the conservatee's death or upon a court order. A limited conservator terminates not only by the death of the limited conservatee, or by court order, but also by the death of the limited conservator.
A conservator can be a just about anyone including a relative, friend or in some cases the Court appoints a skilled professional fiduciary. A fiduciary is a person who assumes responsibility for a position of trust. Fiduciaries can serve by court appointment or by private agreement.
The Estate Planning Must-HavesWill/trust.Durable power of attorney.Beneficiary designations.Letter of intent.Healthcare power of attorney.Guardianship designations.
The 6 Steps to a Successful Estate PlanStep 1: Define your Estate Planning Goals. What do you want to happen? ... Step 2: Gather and Organize your Financial Data. Gather your documents. ... Step 3: Analyze & Discuss. ... Step 4: Develop your Estate Strategies. ... Step 5: Implement your Estate Plan. ... Step 6: Track & Monitor your Progress.
A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan. A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.
Your will may need to be updated if: You have moved to another state since your last will was signed. Different state laws control the steps for making a valid will.
At Phelps LaClair, when we prepare an estate plan for you it is a lifelong commitment – not just a one-and-done arrangement. Taking time to make sure you have the right “fit” with your estate planning attorney should not be taken lightly. Otherwise, you will find yourself starting all over with a new attorney every
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It can be difficult to imagine a time when you will be unable to handle all of your own affairs. This being stated, when you see someone that is in their 80s, you would not be surprised to find out that they were experiencing some level of cognitive impairment.
The probate court could be petitioned to appoint a conservator to manage your affairs if interested parties feel as though you can no longer make sound decisions. This is a necessary safeguard, but there is a loss of privacy when the court is involved.
You can seize control in advance if you execute the appropriate incapacity planning documents.
In addition to the financial side of the equation, you should address medical decision-making when you are developing your incapacity plan. A living will is a document that you can use to express your life support preferences, and you can include organ and tissue donation choices.
When recovery is not possible, hospice care can be required. Medical professionals and psychological and spiritual advisors can help make the final days more comfortable in your home or a nursing home. Medicare will cover hospice care, so the cost will not be a factor.
We are here to help if you are ready to work with a Hartford, Connecticut estate planning lawyer to develop a plan for aging. You can send us a message to request a consultation appointment, and we can be reached by phone at 860-548-1000.
What happens with a trust is let’s say I have a married couple and they want to avoid the conservatorship as well as the probate. By setting up a trust we actually have you sign both as a trustor and as a trustee. When you are as a husband and wife we make you co-trustees.
Even with a single person, it is still very important. If I am a single person and I become incapacitated I have the same conservatorship issues.
When I say estate plan, it is not just the trust. Each person is going to have what we call a pour-over will. It pours into the trust. The reason that is there is – what if they forget something?
In it’s simplest form, a trust is a contract. There are three main parties to a trust agreement. The first is the grantor (also sometimes called the “settlor”), the second is the trustee, and the third is the beneficiary.
As mentioned above, a trust is a contract. The main contract that forms the trust is called the “trust document”. The trust document spells out the rules of how the trust can be managed, what the trustee can and can’t do, what happens if the trustee can no longer manage the trust, etc.
That depends on the type of trust you have drafted. Most people use a type of trust known as a revocable living trust. Because it is called “revocable”, you may remove your property from it at anytime. However, once you die, the trust becomes “irrevocable” and cannot be changed.
There are many benefits to using a trust in your estate plan, and very few drawbacks. Whether you own real estate, have life insurance, have minor children, have significant assets, or any combination thereof, you should talk to a lawyer about having a trust drawn up that can protect you and your family from the unexpected.
When building an estate plan, you may have a variety of concerns, including the following: Maintaining an orderly administration of assets while you are living. Ensuring that your heirs and loved ones receive your assets. Helping to reduce or avoid conflicts and confusion.
When building an estate plan, you may have a variety of concerns, including the following: 1 Maintaining an orderly administration of assets while you are living 2 Managing estate assets flexibly while you are living 3 Reviewing estates involving tenants in common or community property 4 Considering assets in multiple states 5 Examining small business assets 6 Naming your children’s legal guardian 7 Ensuring that your heirs and loved ones receive your assets 8 Helping to reduce or avoid conflicts and confusion 9 Minimizing legal expenses and taxes 10 Assessing wealth preservation
Estate attorneys should help clients fiscally prepare for the possibility of disability or dementia by drawing up powers of attorney , healthcare directives, and living wills .
It's important to have a solid estate plan in place to ensure that your loved ones receive your assets without a hassle or undue delay after your death. There are many questions you should ask prospective estate-planning attorneys before hiring one to craft your estate plan. Above all, make sure you hire an attorney who demonstrates ...
Overall, it forces individuals to contemplate fiscal matters that will occur while they are living and after their own deaths. It's thus extremely important to make sure assets are managed prudently and that next generational family members will receive inheritances, without incident.
While an estate attorney's expertise may overlap with these fields, they may not be a general tax expert or investment advisor. Give yourself enough time to gain a broader, big-picture perspective on your estate plan and the logistical practicalities of implementing it.
Although any lawyer can draw up a simple will for straightforward situations, such as naming the beneficiary of one's 401 (k), seasoned trust-and-estate lawyers can help navigate more complicated situations involving several trusts and multiple heirs. 1:21.
When building an estate plan, you may have a variety of concerns, including the following: Maintaining an orderly administration of assets while you are living. Ensuring that your heirs and loved ones receive your assets. Helping to reduce or avoid conflicts and confusion.
When building an estate plan, you may have a variety of concerns, including the following: 1 Maintaining an orderly administration of assets while you are living 2 Managing estate assets flexibly while you are living 3 Reviewing estates involving tenants in common or community property 4 Considering assets in multiple states 5 Examining small business assets 6 Naming your children’s legal guardian 7 Ensuring that your heirs and loved ones receive your assets 8 Helping to reduce or avoid conflicts and confusion 9 Minimizing legal expenses and taxes 10 Assessing wealth preservation
Estate attorneys should help clients fiscally prepare for the possibility of disability or dementia by drawing up powers of attorney , healthcare directives, and living wills .
It's important to have a solid estate plan in place to ensure that your loved ones receive your assets without a hassle or undue delay after your death. There are many questions you should ask prospective estate-planning attorneys before hiring one to craft your estate plan. Above all, make sure you hire an attorney who demonstrates ...
Overall, it forces individuals to contemplate fiscal matters that will occur while they are living and after their own deaths. It's thus extremely important to make sure assets are managed prudently and that next generational family members will receive inheritances, without incident.
While an estate attorney's expertise may overlap with these fields, they may not be a general tax expert or investment advisor. Give yourself enough time to gain a broader, big-picture perspective on your estate plan and the logistical practicalities of implementing it.
Although any lawyer can draw up a simple will for straightforward situations, such as naming the beneficiary of one's 401 (k), seasoned trust-and-estate lawyers can help navigate more complicated situations involving several trusts and multiple heirs. 1:21.