Tuesday, February 25, 2014

Another Option for Dan

Dan is taking care of his daughter, Ann, after his beloved Abby’s death in a car crash.  Last week, we wrote about Dan coordinating the beneficiary designations of his life insurance and 401K with his Will. 

However, Dan wonders if he should do a trust for himself right now, with a contingent trust for Ann in the future.  That way, his estate would not need to go through the probate court to get into Ann’s trust.  

More important to Dan, though, is that his trust would be in effect before his death, when it could avoid probate court while he’s still alive.

If Dan were to become disabled, his trust would allow his brother, Sam, to manage Dan’s assets to pay the necessary bills for both Dan and Ann.  And Sam would not have to petition the probate court to do it or file yearly reports with the court.

That takes care of both Dan and Ann, in the event Dan has some unexpected accident that disables him either permanently or temporarily.

Surviving spouses need to take action to protect themselves and their family in the event of another unexpected death.  For help with your own estate plan, call our office at (815) 436-1996 for an appointment.

© 2014 Gruber Law Office

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