AZ Estate Planning News

AZ Estate Planning News

Knollmiller and Arenofsky Trust and Estate Planning

Recent Trends Part III

Another trend in living trust and estate planning is less concern about probate and more concern about possible incapacity.

18/365 Probate

The “typical” client 20 years ago was very concerned about ending up in probate after their passing.  I am not sure if this came from all the advertised estate planning seminars that used this to scare people into living trusts, or more accurately stated, buying their financial products.   Probate is certainly still a concern for many clients, which in this writer’s opinion isn’t the terrible process it is made out to be.  The bigger concern now is a client’s possible dementia or incapacity in later years.

This is certainly an advantage of a trust over a will.  The assets held in trust and an excellent power of attorney for the day to day financial matters are a great way to take care of each individual in later years.  If one happens to be unable to care for their own self, their successor trustee and agent under the power of attorney can almost always take care of all their financial matters without court action, conservatorship or governmental involvement.

 

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