Tuesday, July 29, 2014

Not A Pauper

King Fear now has actual title to only two properties, his luggage and a small shed full of coal, which he is leaving in his Will to his daughters Goneril and Regan.  But he is still rich, as the beneficiary of his land trusts and Living Trust. 

Fear does not regret his decision to leave all other assets to his daughter Delia and his friend Duke Loyal by naming them the successor beneficiaries of his land trusts and the successor beneficiaries and co-trustees of his Living Trust. 

But Fear worries that Delia's bottomless capacity to love and forgive might thwart his plan to keep Goneril and Regan's hands off his riches.  Even though Loyal hates Goneril and Regan after being brutally blinded by them, he would not be able to withstand Delia's desire to be kind to her sisters for very long.

By writing in the proper provisions, Fear can prevent Delia and Loyal from giving anything from his Living Trust to Goneril and Regan, even after his own death.  On the other hand, if he simply names Delia and Loyal as the successor beneficiaries of his land trusts, he cannot prevent them from giving the land to Goneril and Regan.  

To fix this, Fear could instead name his own Living Trust as the successor beneficiaries of his land trusts.  Then, he can portion out all his property to whomever he chooses in his Living Trust and also exert some control over the property from his grave.

For an estate plan tailored to your situation and wishes for the future, call our office at (815) 436-1996 for an appointment.

©2014 Gruber Law Office, Ltd.

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