When creating an estate plan, attorneys focus on who will get property, at what time and in what manner. Certainly those are important prongs of a complete plan to focus on, but they are not the only issues. A solid client-centered plan will also focus on who will fulfill each crucial role of making sure the your plan is carried out when it is funded, after you becomes disabled, and upon your death. Individuals should be selected with care and thought. And by using age restrictions, powers of appointment and remarriage restrictions, your decision makers can be guided in the exact direction you intended for your estate plan.
For added protection, a trust protector can be appointed to offer protection to the trust estate and the beneficiaries against any law changes, trustee vacancies and/or disputes that arise in the estate. A trust protector’s ability to restate or amend a trust, appoint a trustee or settle a family dispute can eliminate the need for an expensive and public court hearing on a private family issue. Trust protectors are the perfect parties to offer you the security of knowing that the plan you drafted has an outside eye ready to look over and protect the intent of your original plan.
And for added privacy, you can create a disability panel – a group of individuals hand-picked by you who will decide when you are incapacitated. By determining your incapacity, the disability panel can eliminate the need for a court hearings. Imagine the security a hand-selected disability panel must offer, you will know that if you need someone to take over managing your affairs, it can be done with no court interference or adverse action by the family.
I offer planning that includes trust protectors, disability panels, and many other tools to meet your goals.
To learn more, join me at my next estate planning workshop.