Q: I am researching the options for a Living Trust to protect my brother's $ when he/we inherits money from our parents.
I see the spendthrift clause within a Living Trust to allow me (Trustee) to manage a Trust in my parent's (Grantor's) name. This will restrict and protect my brother's interests from creditors or greedy step-kids.
I also see that they (Grantor's) remain in control until Death or Incapacitated, so it appears the accounts (The Property) can all stay in their name until death/incapacitation, as long as long as the Trust property (The Property) Addendum contains these accounts. I would assume we just rename the beneficiary financial accounts to the name of the Living Trust rather than our individual names. Is that correct?
I'm trying to keep it simple for my folks as well as protect my brother when the property becomes ours. Could it really be this simple??
A: I think more information is needed to give a proper response here. How assets are titled is very important in trust planning. If assets are not appropriately titled in the name of the trust, it could lead the trust to not having authority over the particular asset. I would suggest meeting with an attorney to ensure that all of the relevant facts are clearly laid out.
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