If you have a Revocable Living Trust, you understand that it can work as an important incapacity planning tool. If you’re ever handicapped– through illness or injury– to the point that you can no longer manage your own financial affairs, your Special needs Trustee can step in and take control of your trust property. Nevertheless, if a Revocable Living Trust is the only estate planning tool in your inability plan, then there are most likely gaps that need to be filled.
Your Special needs Trustee can just control property that’s been moneyed into your trust. That’s why it’s essential to likewise have a Long lasting Power of Attorney for finances.
Transferring Property into Your Trust
With a Durable Power of Attorney, you select an agent to handle your non-trust property in the event of your special needs. So, f you have a stroke or are in the later stages of Alzheimer’s, your agent can access property that’s been neglected of your Trust, and move it to the Trustee. This ensures that your possessions are correctly and consistently managed throughout your lifetime, and that there’s a smooth shift of property to your beneficiaries after you pass away.
Managing Non-Trust Property
There is specific property that needs to not be transferred into your Revocable Living Trust. This consists of assets like pension, life insurance coverage policies, and often even automobile. With a properly drafted Resilient Power of Attorney, your agent can manage these assets on your behalf.
Your Impairment Trustee will not have power to engage in Medicaid planning on your behalf. With an appropriately prepared Resilient Power of Attorney, your agent can handle this job. For more details on Revocable Living Trusts or Durable Powers of Lawyer, you can speak with an estate planning attorney.