TRUSTS: There are many different kinds of trust designed to meet everyone’s needs. Mr. Linsky has many years of training and knowledge regarding the use of a Revocable Trust (a/k/a Living Trust and Intro Vivos Trusts), Irrevocable Trust, Irrevocable Life Insurance Trust, Family Trust, Dynasty Trust, and other trust vehicles that may fit your needs. (Note, not everyone needs a trust.) For many people a Last Will and Testament is the only vehicle they need or a Last Will and Testament with a Testamentary Trust within the Last Will and Testament.
The trust document or “trust agreement” is created by you to manage your assets during your lifetime and distribute your assets upon your demise. The “grantor” is the person who creates the trust. The “trustee” is the person who manages the trust. You, as the “grantor” may serve as “trustee” or you may choose a bank, a trusted individual (spouse, child, friend) to serve as your trustee. The trust is revocable meaning you, the grantor, can “revoke,” terminate, modify, or change, the trust any time during your lifetime so long as you are not incapacitated.
The core foundation for the use of a revocable or “living” trust is to be a means to avoid probate, guardianship, and save on taxes. Another benefit is to protect minor children and young adults by having assets funded into trust and under the control of a trustee for their benefit and/or until they reach an age of proper maturity.
Upon the death of the grantor the trust is administered according to the decisions that were made prior to death and as outlined within the trust document. The successor trustee or the current acting trustee who is not the grantor, carries out the wishes of the grantor via the trust. There are many assets that can funded into a trust and many uses a trust may satisfy. An attorney who is knowledgeable in the many uses of a trust and the different trust(s) that are available, is imperative to being sure your family is secure if a trust is the right option for you.
LAST WILL AND TESTAMENT: A last will and testament is a person’s most basic estate planning vehicle. It is a written direction controlling the disposition of property at death. As the maker of the “will” you are referred to as the testator or testatrix. The will is signed in accordance with specific statutory requirements and governs certain titled property. To assure that a person’s assets are distributed in accordance with the terms of his/her will, the law requires that the will be submitted to the court upon death. Probate / estate administration occurs within the jurisdiction of the county in which a person resided in or where their homestead property is located.
LIVING WILL: A living will is a written declaration which one may pre-ordain certain decisions relating to his/her own medical care. A person may desire that, in the event that he/she becomes terminally ill or passes into a persistent vegetative state, no heroic or extraordinary health care treatments should be given to him/her and the process of dying should be permitted to take its natural course. A living will is a vehicle through which a person may declare that his/her physician shall not employ life-prolonging procedures or may designate another person to make critical decisions for him/her regarding medical treatment.
DURABLE HEALTH CARE POWER OF ATTORNEY LIVING WILL: A durable health care power of attorney living will is also know as a health care directive. The function of a “health care power of attorney” is entirely different than a “living will”. A health care power of attorney is a written statement by which one may designate an individual of their choice to make health care decisions for them in the event that they are unable to make decisions relating to his/her own medical care. A health care power of attorney may be used in any medical situation whether it is life threatening or routine care. .
DURABLE POWER OF ATTORNEY (DURABLE-LEGAL AND BUSINESS): The function of a “durable power of attorney” is different than a “health care power of attorney” in that a durable power of attorney is a written statement to allow one to designate an individual to conduct all business affairs (not medical affairs) including, but not limited to check writing, sale of property, investments, payment to creditors, etc. If you are incapacitated or otherwise unable to take care of your financial affairs, a Durable Power of Attorney will give a trusted individual the ability to pay your bills and manage your affairs during your incapacity. Further, a durable power of attorney can fill in the end-of-life planning gap and avoid expensive court proceedings to have a guardian or conservator appointed to handle your affairs.
GUARDIANSHIP PREFERENCE STATEMENT: The function of a “guardianship preference statement” is to allow an individual to designate a person which they would favor to act as the guardian of their person and their property should the need for a court appointed guardian arise. This alleviates the family from choosing your guardian or the court appointing an individual that you may not have chosen for yourself.
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