A previous post talked about how having your lawyer in Tampa named as co-trustee worked with second marriages. By naming your lawyer in Tampa as a co-trustee, certain problems could be avoided because of their neutral position. For example, they were able to ensure that proper measures were taken so that trusts weren’t raided.
But what about individuals and couples that don’t have children? How does having your lawyer in Tampa as a co-trustee work in these cases? Well, they can perform a different type of duty. Both individuals and couples without children will have this similar issue.
That issue is incapacitation. Your estate planning will shift from focusing on who will receive your assets to planning for disability. If you are incapacitated due to an accident or illness, what will help you? Many people don’t plan for this and therefore put themselves in risk of having a complete stranger or the wrong individual taking over your affairs.
So, if you are incapacitated, almost anyone can step in to have legal guardianship of you. Once this process starts, it will be difficult for you to get yourself out because you lost the ability to protest due to your condition. In order to combat against having some stranger take over your affairs, you can set up a trust and name a co-trustee to take over if you become incapacitated.
If you are single or a couple, without children, then you some options. You can appoint a close friend, relative, or spouse to take control in the event that you are unable to. Or you can have your lawyer named as co-trustee. By naming your lawyer as a co-trustee, they will run your affairs according to your wishes and to the law. This will take immense pressure off your friend or loved one. It will also enable both your lawyer and other named co-trustee to work together to ensure your assets are properly managed. So, don’t forget about how estate planning can be used beyond just willing away your assets. Remember that it can and should be used to take care of you if you become incapacitated.
Check out our blog for more tips and info. Contact Fresh Legal Perspective today by calling (813) 448-1042 and ask about meeting one of our lawyers!