Health & Fitness Help EHF Logo

It's an honor that you've allowed us to try and help with your health and fitness issues.  Thank you very much for visiting.  Please return soon.
Love & Hugs,

What Is A Living Trust 2 completes the discussion of how it works and what it's advantages are. You'll find plain language explanations, tips, advice and resources on a wide range of Senior issues.

What Is A Living Trust-2

Continued from What Is A Living Trust

Living Trust Basics:

1.  Make sure the Trustors (usually you and your spouse) are the only ones authorized to amend the Trust.  Once you're unable to speak for yourself, you don't want anyone changing your directives.
2.  Make sure the Living Trust includes all your major assets.
3.  Make sure the Living Trust is accompanied by a "Pour over" Will, which assigns all other personal property to the Trust upon your death.
4.  Make sure all your bank and investment accounts are listed under the Trust and the banks have a copy of the Trust on file.  If your bank allows, it wouldn't be bad to have a signature card on file for your first alternate Trustee (I had a little trouble with my one of mother's banks because my signature wasn't on file, even though I had all the right documents).
5.  Make sure the Living Trust is the beneficiary on all insurance policies and on your Social Security (death benefits).
6.  Make sure your trust dictates exactly what you want to do with your estate.  Don't expect your Trustee to remember you want that painting to go to your friend, Sue.  It's best to leave no room for confusion unless you want your children to fight.
7.  Your Living Trust should define incapacitation, so there is no confusion when your Trustee is to take over management of your affairs.  If you use a Power of Attorney, make sure your first Alternate Trustee is your "Attorney-in-Fact" and the definition of incapacitation is identical on both documents.
8.  Your Living Trust should include a list of who will receive assets from your estate and what to do if they die before you (this happened in my Mom's case).
9.  The Living Trust can contain or refer to a "Living Will" or "Advance Directive" for those providing your health care.  This is a document that often accompanies a Power Of Attorney For Health Care Decisions so your Trustee can provide doctors and hospitals with documents signed by you to direct their actions in specific cases.  See our page What Is A Living Will for more information.
10.  Your Living Trust should contain a "poison pill" to discourage people from contesting your wishes in court.  Basically, it's wording to the effect that anyone who challenges your Living Trust in court will forfeit their right to anything granted them under the Trust.
11.  Have your Trustee help you prepare your Living Trust so you know they are familiar with your wishes. 
12.  Your Living Trust should be prepared by a trusted lawyer who is licensed to practice in your State.  Don't let strangers who call or come to your door do this work, no matter what organization they say they represent.  I found out after my Mom's Trust was completed that the company preyed on the elderly by doing Living Trusts for them and then conning them out of their savings.  We got it stopped just in time.  Pay the money to have someone competent, trustworthy and accountable, like an attorney.  You should be able to find a good lawyer by asking those you trust for referrals or by researching your State's Bar Association.  This is really too important to "let your fingers do the walking."

Finally, even though it's called a Trust it doesn't make trust any easier to do.  You are literally putting your life and your family in your Trustee's hands.  Make sure the people you choose are those who can handle such responsibility with love and honesty.  You can be sure there is at least one who will always have your interest at heart.  That one is God.  He can help no matter what situation you find in the future.  If you want His help, click on Healing From God.

Care for Seniors Books Best-selling books on issues like alzheimers, assisted living, Medicare, etc. Many books at huge discounts.

Related Topics:

Health And Fitness News RSS Feed  Health And Fitness
Alzheimers Disease
Arthritis Treatment
Chronic Illness
Disability-Long Term
Elder Medical Care
Health Estate Planning
Living Trust-What Is It
Living Will-What Is It
Medicare And Medicaid
Osteoporosis Causes
Power Of Attorney
Terminal Illness

Senior Resources:

Health Forums
Care for Seniors Books
Senior Care Resources
Health-Fitness Videos


E-Health-Fitness News!