3 Things Missing from MOST Living Trust!

Today we speak to Francisco Siervent, Owner of Keystone Law Firm speaking on the 3 Thing missing from Most Living Trust.  Let's dive into these 3 missing items. 

1. Don't Avoid Living Probate - within a living trust, there is verbiage that informs your loved ones if something were to happen and you become incapacitated such as a Stroke, Dementia, Head Injury,  or any other reason you could not make decisions for yourself.  This is called a Guardianship.   A Guardianship is when someone needs to step in and help make decisions for medical,  medication,  or you're all over health and well being.  The other part of this would be a Conservatorship.  A Conservator is someone who would help make financial decisions and help pay for the bills of the loved one. 
In Arizona, we are one of the few states with Mental  Health Power of Attorney.   When someone does not have these documents within their Living Trust, even when they are living,  they would need to go to the  Probate Court and have the  Courts assign a Conservator and Guardian.  This can be very messy and extremely expensive. When coming from another state, check into the Mental Health Power of Attorney's as some state may not require this document.  

2. Doesn't get Created Early Enough - When there is a situation with an urgent problem, such as someone is in Hospice or has been given a  short amount of time to live.  When someone is in this situation, it's hard for a loved one to put a Trust together.  What Fransico explains that when in this situation,  a Will, which is written instructions, is needed.  At this point,  the person will still go to Probate, but the instructions will be in writing so the Probate Courts will at least know what direction to go.  This isn't the most ideal situation, but at least you have something written for the Family, Attorney, and Court to go by.  

3. Too Complicated to update them - Many families who had made Trust years ago, don't think or don't want to get a review because they feel it will take too long, be too expensive, or just don't want to make any more decisions about their Trust.  Francisco explains that it's easier then you think.  Many times you just need to amend the Trust you already have or just add the documents, such as the Mental Health Power.  

Francisco explains that the easiest way to get started either in the beginning or when updating a Trust, start with a  few small steps such as asking these two simple questions, "Who's in Charge" and "Where do my items go".  These questions will at least get you the bare minimum of how to start with a Trust.  Then each year start to add more to your Trust.  Francisco's law firm, Keystone Law meets with their families yearly like a CPA to go over any changes that may have happened in the past year.  Keystone Law Firm is also one of the few Law Offices that guarantee you will not end up in Probate with their yearly checks.   

Please Contact Keystone Law Firm at 480.209.6942
 2701 W Queen Creek Rd #3, Chandler, AZ 85248

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