Conservatorship is an important matter that most people don’t want to think about. Conservatorship is needed when a person is no longer capable of taking care of him/herself and the estate. While we are still young and in good health, it is hard to imagine the need for a conservator. But things could take a quick turn for the worse. A serious illness or an accident can change everything. In that case, who can we depend on?
Conservatorship is often decided by a court, where the case will be reviewed by a judge. Anyone can petition to become a conservator. Even the spouse is not guaranteed to receive conservatorship. His or her petition can be challenged if anyone else also files a petition.
Even if your spouse gets the right to take care of you, he or she may still have to be accountable to the court for all your financials. If a person is incapable but still alive, the assets cannot be transferred to their family and loved ones.
Conservatorship and Living Trust
The good news is that all of these complications only happen if you don’t nominate a conservator in advance. The whole ordeal can be avoided with a living trust. You can decide who will take care of you and your assets if and when you are no longer capable of doing so. Your estate will remain in your control. However, when needed, the assets can be transferred to your heirs if you wish so.
With a living trust, you can decide who would be your conservator in case anything happens to you. This person will automatically receive all the rights to take care of you and manage your estate. There is no complication and delay from waiting for the court decision. You will be able to choose a loving family member who can stand up to the task. Your loved ones will be able to avoid the lengthy court procedure. It’s your chance to ensure that you and your family will be well taken care of.
It’s hard to think of a situation where we are unable to make decisions on our own and have to depend on others to take care of us. However, the reality is that we cannot predict accidents or other unfortunate events. The next best thing is to make sure you and your family are taken care of, no matter what happens. Setting up a living trust is a good way to do so.
For more information on how you can set up a living trust today, talk to a living trust specialist at Heritage Living Trust.
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