Benefits of a Trust

Transfer Assets 

Can my father's Trust protect my assets?

September, 2011

demoQ - I am working on my father's trust and started transferring his assets as required.  I like the protection that's provided by his Trust, can I use his trust to protect my assets?  A - Once you have completed all the elements of the trust, including the transfer of assets, the trust is considered finished.  And no, unfortunately you cannot use your father's trust for your assets, but if your father's Trust was completed by us, you are eligible for our preferred client pricing, call us to find out more.  

Current News:

HIPAA Compliance

April 2003

demoThe Health Insurance Portability and Accountability Act (HIPAA) provides protection for release of individually identifiable health information and special release and consent authority to all healthcare providers before medical information can be released.  HIPAA effects documents executed in a trust, as such, it is not grandfathered in which means that it can render executed documents of previous executed Living Trust useless.  Ensure your Living Trust is in compliance with these regulation.  All IntegriTas Living Trust are in compliance with the order. 

Survivors 

Who Contacts  the Survivors? 

December, 2011

demoQ - My father died and I believe he had a trust.  Does the attorney contact me to discuss my dad's last requests?  I don't have the attorney's information and how does the attorney know that he is deceased?  A - Unless the attorney was a friend or the Trustee for your dad, its unlikely he would know that your father passed.  So first, you need to start checking around the house for the trust manual.  Did your dad have a safety-deposit box? Once you have located the manual, you can determine who is the Successor Trustee and who will carry out the provisions of your dad's trust.  If someone else has been named Successor Trustee, you will need to get in contact with that person to ensure they carry out the orders of the trust.

 

With or Without a Trust?


PREPLANNING ESTATE BENEFITS DURING YOUR LIFETIME



Incapacitation/Conservatorship
 
With A Living Trust Without A Living Trust
Powers of Attorneys: People are appointed in advance by you to manage your assets and interests should you become incapacitated. These people are normally your children who become Successor Trustees. Your Successor Trustees follow strict guidelines in your Trust to maintain your assets in your best interest.   The courts step in and appoint a conservator. At this point, your records and proceedings are open to the public. The court costs, legal bills, fees, and bonds can be taken from your estate. A spouse or loved ones have lost the control needed to carry on your wishes. Financial assets can be frozen.
If you are incapacitated you may be appointed a court guardian or someone to manage your affairs - which doesn't necessary have to be who you wanted - for such things as paying bills or running your business, or taking care of your minor children.
 
Power of Attorney: Two types - Medical and Financial
With A Living Trust   Without A Living Trust
Appoints both medical and financial decision-making powers. 

Living Trusts appoint Successor Trustees for both medical and financial powers of attorneys
. You eliminate the additional costs of two powers of attorneys.  Typically, financial Institutions, such as banks, are more comfortable dealing with a Successor Trustee than they are with a durable power of attorney.  You appoint the Successor Trustees for your financial affairs and for your medical power of attorney who will make health decisions for you, if you are unable. Many people have a Living Trust in force stating their intentions on the use of life support (living Will) in terminal situations, eliminating the toughest decision for spouses or loved ones.
  Appoints neither medical or financial decision-making powers.

Financial:
Banks and financial institutions have their own specific power of attorney forms which they require for a financial power of attorney to take action. You may be asked to hire an attorney, before you can gain access to any accounts the deceased had.

Medical: Hospitals have their own medical power of attorney forms which can be confusing. You may be asked to hire an attorney, before anything can be done for your love one.
 
Will I have control of my assets?
With A Living Trust   Without A Living Trust
Yes. You have full control of assets just as you held them before owning a Trust. You own the Trust and you can make changes at any time.   No. You have very little control at death. Even if you have a Will, the Will must be validated through the probate process. Loved ones lose control.
     
Conservatorship for Incapacitated Love Ones, Minors & Handicapped
With A Living Trust   Without A Living Trust
Yes. Trusts also provide more flexibility in cases where guardianship includes: handicapped children receiving federal money; other special considerations and pets.   No, less flexibility. A Will can provide flexibility in these matters, but the Will must be validated through the probate process.
Privacy of assets at death?
With A Living Trust   Without A Living Trust
Yes!  Your Estate and all your information about the same, stays private and no one has access to any of it, PERIOD!   NO privacy. Even with a Will your files can be accessed through the records office upon your death or in case of conservatorship.
 
Likelihood of Probate, and length of time?
With A Living Trust   Without A Living Trust
No Probate. Integritas shows their clients how to properly place assets in their trusts. And, this means that there is no waiting period for your heirs to receive their inheritance.  Your spouse and loved ones are protected.   If you own a home or property it is highly likely. Most states have joint tendency in ownership. It can take 6 months to 2 years and longer.  And once your titled items are introduced to Probate court, all your assets are sucked in too.
 
Average cost to pass your estate to your beneficiaries?
With A Living Trust   Without A Living Trust
None. Do you consider proper preplanning a cost? Paying the price if you leave it up to your spouse or loved ones is much more expensive. An Integritas Revocable Living Trust designed by experienced attorneys is much less expensive.   With or without a Will, probate can take its toll on a spouse or loved ones. Stress, emotions and the financial burden of probate is the price. Just owning a home can cause probate which can eat up tens of thousand of dollars.
 
Ease of Contesting a Trust Verses a Will?
With A Living Trust   Without A Living Trust
Extremely difficult. The person contesting would have to prove the creator of the trust was under duress every day the trust was in force. Assets are not frozen while or even if a trust can be contested.
  So easy. Creditors, friends or relatives can contest a Will. A small disagreement on intensions of the Will or proving duress the day it was written causes probate. Assets are frozen while a Will is being contested.

Remember
, few attorneys know how to properly design or fund a Revocable Living Trust. The Integritas Estate and Asset Risk Management (ARM) team designs and funds Trusts everyday. Please consult with Integritas before undertaking any actions.

Note:
This information is not engaged in rendering legal advice. All attempts have been made to provide accurate information. Authors can not be held accountable for any errors or omissions.

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