Q: Is there a way to distribute assets during a living lifetime based on events without transferring them to a trust?
Wills are used to distribute assets in one death
Living trusts require you to transfer assets to their name to protect and distribute them.
Power of attorneys allows people to handle your medical and financial decisions should you become incapacitated.
I’m trying to figure out how to automatically trigger a transfer/distribution of assets to my family should I be declared incompetent without having to transfer the assets into a living trusts? (Same for my spouse). Is there a mechanism to do this that courts will honor?
A:
You can do what you want be making the power of attorney durable and specifically giving your poa the power to transfer property to a trust.
This will work long as no one challenges any of your documents
Nina Whitehurst agrees with this answer
1 user found this answer helpful
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