Great! We’ll add that task to your Action Plan.
First, please take our two minute survey. This will enable us to fully personalize your plan.
Your answers are secure and we’ll never sell or share your data.
Click below to get started.Get My Action Plan No Thanks
Consider establishing a trust for your loved oneLEGAL
What You Should Know
Certainly, your loved one should have a will to ensure that their assets are distributed according to their wishes without delay, upon death. But a trust can be very helpful if your loved one becomes unable to handle their affairs.
A trust, in legal terms, is a contract between your loved one and someone they trust (the trustee) to manage assets. Generally speaking, it directs the management of assets during life, and then the distribution of those assets after death.
A key benefit of a trust is avoiding probate. Even with a valid will, your loved one’s estate will go through probate (the court proceedings through which their assets are distributed according to their wishes). This may take months or even years, A trust, however, does not go through probate, so the assets can be distributed within weeks.
Steps To Take
- Get a basic overview of wills and trusts by reading the articles linked above and in the Related Tasks section below.
- Consult an experienced eldercare attorney to decide what's best for your situation.
- If you establish a trust, make sure the will is written to coordinate seamlessly with it.