Trust

A living trust provides individuals living with dementia with a means to outline instructions for the management of their estate after their passing.

Depending on state laws and individual circumstances, a living trust may enable the estate to bypass probate, the court process for distributing a deceased person’s property. It’s important to consider potential tax implications in this regard.

The individual establishing the trust (known as the grantor or trustor) appoints themselves and, if desired, others as trustee(s). If a single trustee is chosen, the trust document should name a successor trustee to take over in case of the initial trustee’s incapacity or unavailability. While trustees are typically individuals, they can also be institutions like banks. The trustee assumes responsibility for diligently managing the trust’s assets.

To gain further insights into living trusts, it is advisable to seek guidance from professionals such as elder law attorneys or financial advisors.