TOOLS TO PROTECT ASSETS
Lately, I have been receiving phone calls about ‘Wills and Trusts” after COVID-19 started to dictate terms in our life. This pandemic has made me pen down the tools of estate planning for the benefit of readers.
Though one might have an idea on how to distribute his hard-earned assets, unfortunately, it may not have been written and kept in a safe place. In turn, it will cost time, legal fees, and unnecessary hardships. It is a fact that one might give estate planning the least priority in his life, and the task will always be shelved for a future date. Ultimately it may invite unwanted bickerings and quarrels between spouse, children, and next of kins once the person dies without proper estate planning. This is the right time to think about it since we are locked down in our comfort zones.
The tools contained in this article are, in the author’s judgment, necessary forms which should be used to accomplish specific objectives.
This is a revocable instrument by which a person makes disposition of his/her property to take effect after his/her death. A Will is probably regarded as the single most important planning document.
The trust device has many applications in family estate planning. Trust in its simplest terms, is an arrangement by which legal incidents of the ownership of property are broken up into parts, and benefits of such parts are divided in accordance with the terms of the trust.
A Medicaid Asset Protection Trust is an ideal planning tool for the purpose to protect the assets if a person later on applies for medicaid eligibility.
Special Need Trust.
A trust for the benefit of the disabled beneficiary who seeks potential financial aid from government agencies.
Power in trust.
If the person reasonably anticipates that a minor will be a beneficiary under a Will, he should create a trust which permits an executor to hold and manage property passing to a minor until the term of minority is ended.
Health Care Proxy/ Living Wills:
This is a document which contains a person’s instructions about health care treatment, in the event the person becomes incapable of making decisions.
Durable power of attorney:
This is a written authorization from a person (Principal) to another person (agent) to perform acts on behalf of the principal.
The information provided on this article does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Readers should contact their attorney to obtain advice with respect to any particular legal matter. No reader should act or refrain from acting on the basis of information on this site without first seeking legal advice from counsel in the relevant jurisdiction.