woodosgood
Confused about dryer sheets
- Joined
- Jul 19, 2013
- Messages
- 3
Will or Trust
My basic understanding of wills and trusts indicate that a will does not take effect until you die, while a trust can work for you while you are still alive and also after death.
We have no children, no real estate, no pets. We may have some bequeaths once the last one of us dies, but we also want to leave any remaining assets to whoever (friend or relative) may step in and "take care" of us if we become incapable of handling our own affairs in our final years, either due to an accident, old age, or illness. It would be difficult to name that person today, because we don't know where we'll be or what kind of living arrangements we'll have during our final years. Can something this vague be addressed in a trust, if we name someone (the trustee?) to determine out who that person(s) was and provide them with the remains of our estate?
My basic understanding of wills and trusts indicate that a will does not take effect until you die, while a trust can work for you while you are still alive and also after death.
We have no children, no real estate, no pets. We may have some bequeaths once the last one of us dies, but we also want to leave any remaining assets to whoever (friend or relative) may step in and "take care" of us if we become incapable of handling our own affairs in our final years, either due to an accident, old age, or illness. It would be difficult to name that person today, because we don't know where we'll be or what kind of living arrangements we'll have during our final years. Can something this vague be addressed in a trust, if we name someone (the trustee?) to determine out who that person(s) was and provide them with the remains of our estate?