When a property owner has either sole or joint tenancy ownership and then becomes mentally incapacitated, the property is in legal limbo. This is due to the incapacitated owner being incapable of conveying legal title or signing legally binding documents. This can prevent the property from being sold or even being leased during the period of incapacity. Often times an expensive and time delaying court conservatory procedure is the only answer. A Life Estate Family Trust is the most comprehensive and best-detailed manner to deal with incapacitation issues. But, a simple device known as a durable power of attorney will also take care of many of the problems.
Protection Estates From Divorce, Lawsuits and Judgments:
The lack of formal and specialized estate planning leave the estate owner(s) extremely vulnerable on this issue. The topic is known more simply as “Asset Protection”. The use of a special type of family Trust is one of the best ways to achieve asset protection. This type of Trust will also deal with the problems of probate, methods of holding title and incapacitation.
Protecting Estates From Con Artists and Dishonest Relatives:
As more and more people live longer lives, more of them are living beyond their ability to protect their own financial interests. These problems afflicting senior citizens are due both to the natural aging process and debilitating diseases. Con Artists and opportunistic relatives look for these situations and, unfortunately, have made an industry out of fleecing the elderly who are no longer able to protect themselves. It is very common for these senior citizens to be left virtually penniless and even homeless. This issue is a variation on the topic above, asset protection. Generally the most formal and effective method of protection yourself in your later years is through the use of a special type of family Trust designed for asset protection.