I met this woman who came in and they had their wills prepared for them 27 years ago and they needed to know if they needed to do anything just to update things so their legal affairs would be in order. They really had two main concerns. The first concern was they were really worried that they would lose everything if he or she went into the nursing home. The other concern was they wanted to make sure it was easy for their 3 children, their daughter who they wanted to appoint to be in charge after they pass away lived in Texas.
We started having a discussion about different kinds of trusts that they could create. We talked about trusts that avoid probate; we talked about trusts that avoid losing everything to the nursing home. They wound up getting things secured so that if they went into a nursing home, everything would be protected and also setting things up in a way where the survivor doesn’t have to do anything. The survivor will remain in control and after the survivor passes away, they will have named their daughter to be in charge and she can disperse what assets they have equally to the 3 children. She will be able to do that quickly outside of all of that any government interference that really gets in the way of many family relationships. Typical example of a nice couple, we love to help families get through this process.
If this is a concern of yours, give us a call on our toll free number 866-491-3884. We would be happy to walk you through that. I’m Paul Rabalais, have a great day!