Tuesday, September 2, 2014

Care For Each Other

For her birthday present, Billy had promised his wife Bonnie that they would plan to take care of their family through an estate plan.  And Billy does not intend to forget about providing easier ways to care for each other while they are doing planning to benefit everyone else.

After talking over the differences between a Will-based plan and plan based on living trusts with his attorney, Billy has realized that with a living trust, he can have peace of mind about what happens if he or Bonnie become disabled.  If they handle the trust properly while they are able, the trust will be the most reliable way to avoid having to go to probate court.

For example, if he were to become incapacitated, his trust would allow Bonnie to take over paying bills and the investment decisions for his trust assets without needing to be appointed his guardian in court.

On the other hand, if Bonnie did not want to be in charge of managing the money, she could resign as trustee.  Then the next person on Billy’s trust’s list would take over those responsibilities. 

That gives her the option, depending on Billy’s condition, to concentrate more fully on what is most important to her, being with and taking care of Billy.

To begin learning about how estate planning can make some things easier for you or your family in the event of incapacity, call our office at (815) 436-1996 for an estate planning appointment with one of our estate planning attorneys.   

© 2014 Gruber Law Office, Ltd.  

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