Trust-Based Estate Planning

In one of our last videos, we talked about the difference between a will-based plan and a trust-based plan as part of estate planning. In this video, we wanted to go into a little bit more detail about trusts and how they can help protect your assets.

Estate Planning and Trusts

Elder Law Language 

If you have a trust as part of your estate planning, it is important to a good power of attorney and a health care power of attorney. It is also important to make sure that your trust has some elder law language. We've been having a lot of difficulties with clients who are bringing in powers of attorney from other firms that are not accounting for the elder law language that many trusts need in order to truly represent that client's wishes.  

For example, when nursing homes become part of the estate planning, there needs to be specific guidelines about that in the trust. This will avoid having to establish a guardianship.

Funding a Trust

Another important aspect of planning a trust is funding. Funding is a process where you retitle the assets that you own into the trust. For example, if you want to put your house in your trust, you have to do a new deed transferring the house from yourself into the new trust. This is something people often forget.

Funding Coordinator 

Richard A. Myers, Jr. and Associates is different than many other estate planning firms in this case because we have a Funding Coordinator, Donna, who helps ensure the process works smoothly. 

Trusts are Customizable 

Trusts are a great option because they are customizable because every person is different!

Learn More About Estate Planning with Trusts 

If you are looking to start planning your estate, or if you already have and need further assistance, Richard A. Myers, Jr. and Associates is here to help! 

Contact us today and learn more by watching more videos like this in our video library.