A good scenario to use a living trust
A living trust can be a complicate and expensive tool for avoiding probate. However, where you want your assets to remain in trust even after you die, a revocable living trust is probably the right estate planning tool.
Sam: We have a very lovely substantial piece of property. We do not wish to involve our families if we both happen to die at the same time, let's say in a catastrophic accident. But then the complicated thing is we have two people that we've taken in that we care for dearly. One has been my best friend since I was little and the other one was a lady that was having issues. In the event, we ultimately wish for this whole property to be left to the Elks and the Shriners because some of our family don't need it and some of our family do not deserve it. We wish to have it so that they can continue to live there until such time as they choose to either leave or for whatever reason. But we don't want our families to be involved. We want to know if this is within the realm of reality.
Attorney Tom Olsen: Absolutely. Sam, that's easy. You can accomplish that through a living trust. Easy-breezy, Sam. Now, the hardest thing that you're going to have to decide is if you and your wife both passed away, who would be the trustee over this trust? Who would manage this piece of property?
Sam: Well, that is what we would like to discuss with you or someone. We have the resources to maintain the property for as long as it takes but everything ultimately would end up with the Elks and the Shriners.
Attorney Tom Olsen All right. Sam, we would love to be assistance with you. I'd love to help you out with this, Sam. Call my office next week. Let's talk about it. 407-423-5561. Sam, thank you for that call. We look forward to being of service to you.