A lot of people choose to utilize revocable living trusts to arrange for the eventual transfer of their assets to their heirs. There are numerous advantages to doing so, and one of these would include the ability to include an incapacity component.
If you were to become incapacitated at some point in time without making any advance preparations, interested parties could petition the court to appoint a guardian to act in your behalf. You may not have a choice with regard to who this individual is, and this potential lack of control is quite disturbing to many people.
Within your revocable living trust you could appoint a disability trustee who would be empowered to handle your finances in the event of your incapacitation, eliminating the need for a guardianship proceeding.
There are those who are under the impression that you do not need to have a Will if you do use a revocable living trust as your primary vehicle of asset transfer. In fact, you should have a pour-over will as well if you intend to use a revocable living trust to direct your resources to your loved ones.
With a pour-over Will, you record your desire to have any remaining assets that remained in your possession when you passed away directed into your trust. This is an efficient way of accounting for these remaining resources.
To obtain more information about revocable living trusts and pour-over Wills, don’t hesitate to pick up the phone to arrange for a consultation with a good Middlesex County NJ Estate Planning lawyer.