How can a trust prevent a conservatorship proceeding?
A Trust is used to hold the property, and the Trustees manage the Trust estate. In the event of your incapacity your pre-appointed Successor Trustee(s) will manage the Trust estate in accordance with the instructions that you have provided. Thus, a properly prepared and funded Trust can enable you to avoid a conservatorship proceeding over your estate. Compared with the cost of a conservatorship proceeding, a Trust can be very attractive. I am middle age, engaged to be married shortly. I have a 19 and 24-year old; my fianc has a 12 and 10 year old. Each of us has wills leaving our assets to our own children. When we marry, what should be done in regard to our estates? Our assets are not likely to exceed $600,000. There is no one answer, but what you each seem to want makes sense, seems fair, and reasonable. The first thing that may make sense is to do a pre-marital agreement that waives claims against the other’s estate. It also could provide for you to keep the property you bring into
A Trust is used to hold the property, and the Trustees manage the Trust estate. In the event of your incapacity your pre-appointed Successor Trustee(s) will manage the Trust estate in accordance with the instructions that you have provided. Thus, a properly prepared and funded Trust can enable you to avoid a conservatorship proceeding over your estate. Compared with the cost of a conservatorship proceeding, a Trust can be very attractive.
If something happens to you, like accident, disease, or old age, that leaves you incapable of taking care of your own affairs, then someone else has to manage them for you. There are two kinds of conservatorships in this situation, conservatorship of the person and conservatorship of the estate. A conservatorship of the person means control of the day-to-day activities and care of the incapacitated person and control of medical care. Conservatorship of the estate is control over the property and assets of the incapacitated person and responsibility for paying expenses. A person gets a conservatorship over someone else by going to court. If a conservatorship is granted, the Conservator has to report back to the court. A living Trust can deter or prevent someone from going to court to seek control of your person or your property in this way. A conservatorship is granted when a person is incapable of caring for her or himself and there is no other alternative for his or her care. If you h
