Posted by Frank Chin on September 21, 2005 at 08:16:45:
If you do a little "Google"ling, you’ll find a bunch of articles on Reovocable Ilvings Trusts. See:
My mother in law, my mom and dad in their 80’s, and sporadically not in the best of health. We also had a family friend who passed a away a few months back, was in very bad health for the last 10 years of his life. He placed his home in a “Revocable Living Trust”. My wife, and a family friend, and a realtive of his, were named “co-trustees”.
Although he had a will, it only addresses issues upon his death. But in the meantime the trustees, depending on the conditions set forth in the trust can do all of the things the person can do if the he is incapaciated. So the trustee can come in, have a roof put in, sidewalks repaired, or even get a mortgage while the person is incapaciated.
We even discussed what if mom became incompetent, went to a nursing home, doesn’t need her home. Who has the authority to sell the place, or even rent it out to tenants?? A will is of no use here.
My dad owns a commercial property, had a major operation, then went to rehab for over 6 months. Meanwhile, one of his tenants stopped paying rent. Despite giving my brother full “Power of Attorney”, my brother, because of a technicaity, had trouble legally going forward with eviction proceedings, in my dad’s behalf. I haven’t been told the exact reason why, though I asked. The matter could have been easily facilitated if my brother was a trustee.
Looks like your dad is at an age where it is useful to have a trust, and have things taken care of if he can’t.