This is an interesting but fair question that has occasionally been asked so today I will address it. There are certain vital precautions and preplanning that should be done prior to the death of you or your spouse. I heard a funny line from a comedian on my XM radio other day that relates in logic to this question. He said, “my doctor told me not to work-out until I was in better physical condition...I told him okay, don’t send me a bill until I have paid you”.

First of all, unless you know the exact day and time you will die, its best to prepare for the unknown in advance of the event. It is never good to die intestate (without written provisions for the settlement of your estate). It can be devastating for your family. So until the day comes when we can all see the future and know our moment of death...it seems like a good idea to prepare for the unknown. This is accomplished with either a Will or a Living Trust and a Living Trust is better than a Will on so many levels.

Secondly, there are so many things that can happen before we die that need to be taken into consideration. You will all remember the Terry Schiavo case. The young woman in Florida who suffered a terrible accident and was brain dead (or so they thought) she laid in the hospital on life support for 15 years while her husband and her parents fought the issue of withdrawing her life support through the courts. Finally the Court ruled that they should remove her life support, but low-and-behold, she didn’t die! The doctors said she was brain dead...her parents said she wasn’t. It finally went to the Supreme Court and they ruled...Starve Her To Death!! Which they did. It was a tragic case. All of this happened because she didn’t have a written Living Will. If she had prepared that one document prior to her accident it would have all been settled 15 years earlier and in a much more humane way. Everyone needs a Living Will which is a vital part of the Living Trust.

Then there are the situations where you may be seriously ill or injured to the extent that you are personally unable to attend to your financial affairs, or make responsible decisions regarding your healthcare, or be too old or incapacitated to even care for yourself and require assisted living under the direction of a Conservator. Without the proper Power of Attorneys, or the Nomination of Conservator, your life will be directed by the courts until you finally die. Even your spouse or children will be accountable to the Courts for your care. With a Living Trust, all of these problems are taken care of in accordance with your wishes and advance directives.

The Living Trust is the most effective way to maintain control of your life and life circumstances. Finally, remember this, at the very moment of your death it becomes too late to do anything about all of these issues. There is no gray area or way to grandfather in these benefits once you are dead. In the blink of an eye your opportunity to be prepared is snatched from you and your family pays a terrible price.

So, do you need a trust now? Unless you are unconcerned about what happens to you in ill health, and feel no concern for the consequences to your family, the answer is an emphatic YES! To fail in this regard is like trying to buy life insurance AFTER you die!

Until Next Time...