Chances are you are less familiar with a trust than with a will. Elder law attorney Martha Patterson summarized some of the key things you need to know about trusts and how they operate.
The person who will run your trust is called the trustee and a trustee is like an executor with many responsibilities. But unlike an executor who goes to work only after your die, a trustee can act on your behalf and make decisions for you while you’re still alive.
You want to be sure you choose someone you trust as your trustee. “Trust” is a key part of the word trustee, attorney Martha Patterson says. Trustees can make decisions about your money and your health care and your living situation so you must choose that trustee carefully. And if you want to make a change, you’ll have to rewrite your trust. Don’t mess around with this. Yes, you can literally live to regret your decision with a bad choice of a trustee.
Trustees can get paid for their work and service but they don’t have to be, Martha Patterson says. You might set up something in your trust to award the trustee reimbursements for their expenses. You might give them property or money in your trust after you die.
Elder law attorney Martha Patterson offers a free consultation and $500 off any paid services when you contact her at her website www.ElderLawMom.com and this is something you shouldn’t put off.