All families have to deal with the complications of life and unexpected challenges can how much effort you put into your planning.
But by working directly with an estate planning lawyer to ensure that your documents are properly drafted, then there is no need for additional complications, confusion or frustration such as those that occur when a plan does not even exist or when a plan is too stringent.
Providing for a Loved One Who Requires Caretaking
One common scenario that is affecting many older couples today is worrying about who will care for a loved one if the spouse is the primary caretaker and that spouse passes away first.
There could be numerous family members involved in the caretaking process, but they might all have their own life and commitments, so the solution is not simply to pass it on to these other loved ones. A properly drafted trust can assist with this complicated situation.
A well-drafted trust can include provisions to handle this type of incapacity or disability planning by establishing the person who will be in charge, the trustee, and also empowering that trustee with clear and detailed instructions about what should happen if the caretaking spouse were to pass away first.
Placing assets inside a trust enables the capable spouse to maintain control over the assets and then the trust names a successor trustee who continues managing the trust after the caretaker spouse passes away.
This means that the assets inside the trust can still belong to the couple even though neither can manage them directly. And then the assets can only be used for their benefit until both parties have passed away. Establishing a trust is something that should only be done inside the guidance of an estate planning lawyer.