In my experience, the biggest concern of most families planning their estate is keeping their loved ones out of the court system after someone passes away.
By far,
the most effective way to achieve this goal is using an evocable of interest to avoid the court system.
But did you know that the court system is very much in our lives even when we are still living,
when a grantor becomes mentally incapacitated, bad choices and the susceptibility to the influence of others puts the assets of the estate at tremendous risk.
The only protection we have is guardianship,
which means entering the court system.
But did you know that a properly drafted trust can keep you out of the court system?
And here's how legally a trust is a contract between a grantor and a trustee that sets forth in great detail how the assets are to be managed by the trustee for the benefit of the trust beneficiaries.
A well drafted trust will address such a situation where a grantor or a trustee is suffering from mental incapacity and will outline the procedures for removing the trustee when such an event occurs.
For example,
the trust can set forth an objective definition of when someone should be considered incapacitated and now may the panel of a loved ones should decide when that line is crossed.
You see if all of the assets are in the trust and the trust is properly designed to protect the assets from a mentally incapacitated grantor trustee pursuing a guardianship to protect the SSC simply not necessary.
This planning is extraordinarily effective,
so I invite everyone to take a look at your trust to see if this very critical issue has been addressed.
Of course, if you have any questions,
please feel free to contact my office.
This is Jamie Kalicki of Kalicki Collier where our attorneys collaborate and innovate to help you succeed.
Contact the Kalicki Callier Team at:
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► (775) 204-0600
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