King & Wood, P.A.

What Happens When a Pet Outlives Its Owner?

“Wealthy pet owners sometimes leave millions of dollars to their beloved animals through trusts. While this might seem absurd, these arrangements ensure that the pet is well-cared for after their owner’s death.”

While leaving millions to a pet is a little extreme, regular people who love their dogs, cats, parrots and other companion animals are wise to make plans to protect their pets in case they become incapacitated or die before their pets. A recent article from MSN, “Things That Happen When a Pet Outlives Its Owner,” looks at what can happen to pets after their owners die.

If plans for the pet, including funding for care, aren’t made, there’s no way to be sure the pet will avoid the fate of many senior animals: an animal shelter. Making matters worse, senior dogs have a lower adoption rate, putting them at risk of remaining at the shelter for the rest of their lives or being euthanized.

If your family loves animals, or you have close friends who are animal people, your pet might get lucky and be adopted by a family member or friend. However, this doesn’t always work out. Even well-meaning friends may have allergies or a lifestyle that conflicts with having a pet. There may also be behavior problems because the pet is grieving the loss of their owner in a new environment, and it may become difficult for the friend or family member to take care of.

Clear instructions about the care of your pet and money to provide for their food, veterinary bills and other costs need to be set down in a legally enforceable document if your pet is to avoid being passed like a hot potato from person to person or to end up in a cage in a shelter.

Pets are considered property, so you can’t leave money directly to them. You could name a caretaker in your will and leave them a certain amount of money to care for the pet. However, the will may not be enforceable. They may use the money for other things while your dog is neglected.

If you don’t name a caretaker, the court may decide where your pet will end up. This can delay the pet’s being placed into a home environment while decisions are being made. Even short shelter stays can be traumatic for animals that are used to living with people.

Exotic pets pose a different set of problems. A large bird with a 50-year lifespan needing a special diet and habitat will not be easy to rehome. A large tortoise with a 100-plus-year lifespan will probably end up living in an animal sanctuary if one can be found and if the sanctuary can afford to take on the cost and responsibility.

An estate planning attorney can create a pet trust in most states for several purposes. The pet trust should be funded with money for the pet's care. A trustee oversees the money, while a caretaker is named in the trust to have physical custody of the pet.

Some shelters, especially no-kill shelters, have arrangements where a donation is required to ensure lifetime care in a suitable environment. The donations often incorporate a Charitable Lead or Charitable Remainder Trust.

Planning for your pet’s future will provide peace of mind, knowing your beloved companion will have a happy life even when you aren’t there.

Reference: MSN (Jan. 30, 2025) “Things That Happen When a Pet Outlives Its Owner”

How to Avoid Estate Planning Mistakes in 2025

“If these things get overlooked, you risk leaving your loved ones with extra challenges during what’s already a tough time.”

Even if you could remove all of the emotions about estate planning, like considering your eventual demise and the possibility of incapacity, it can still feel a bit overwhelming. Having an experienced estate planning attorney on your team makes the process far easier, with the knowledge you’re in good hands. A recent article from GO Banking Rates, “4 Expert Insights on Avoiding Estate Planning Pitfalls for 2025,” explains how estate planning helps to avoid family fights, lost assets and legacies.

Estate Planning encompasses your entire life. Wills express how you want assets to be distributed, and trusts minimize taxes by taking assets out of the probate estate. However, an estate plan is more than these two pieces. Estate plans include incapacity plans, caring for children and transferring wealth in a number of ways.

If someone becomes incapacitated and hasn’t created a Durable Power of Attorney, no one can manage non-healthcare matters, from paying utility bills to maintaining their home. A family member must go to court to obtain guardianship to do anything.

Every estate plan should include a Healthcare Power of Attorney and HIPAA release authorization so a designated person can be involved with their loved one’s healthcare, talk with their doctors and be involved in any medical decision-making.

Keeping beneficiary designations up to date. Beneficiaries aren’t just the people you name in a will. Designated beneficiaries are those listed on retirement accounts, investment accounts, life insurance policies and other documents to receive assets when you die. Make sure these names are up to date, especially if you haven’t reviewed them in years. Any account with a beneficiary designation does not go through probate, and your will has no control over these assets.

Things will get messy if beneficiaries on your accounts are no longer in your life. Assets could go to an ex-spouse, an estranged family member, etc.

Choosing your executor with care. Many people get stuck when there is no obvious person to manage this task. An experienced estate planning attorney can help you work through this issue, since a poor choice could put your entire estate plan at risk. Whoever you choose to serve as executor—the person who manages your estate—will need to deal with financial institutions, family members, government agencies and every facet of your life. Many automatically name their eldest child or best friend, which might lead to disaster if they are not available, good with details, fiscally knowledgeable, or able to manage your family’s personalities. Ensure that they are up for the task and also have a backup executor named.

Introduce your family to your estate planning attorney, financial advisor, CPA and other professionals in advance. The people who help you manage the business side of your life will be able to help you better if family members know who they are, how to contact them and have already met them. They don’t have to be friends. However, making introductions in advance can make their work together easier.

Reference: GO Banking Rates (Nov. 17, 2024) “4 Expert Insights on Avoiding Estate Planning Pitfalls for 2025”

Who Takes Care of My Pet When I Die?

“Learn more about the personal-finance aspects of pet insurance and pet estate planning.”

Americans love our animal companions, whether cats, dogs, lizards, mice, or chickens. Ninety-five percent of 16,000 dog and cat owners said their pets were part of the family, and most said they would pay any amount if their pet needed veterinary care. It’s a nice sentiment, but according to a recent article from The Street, “Best Tips For Navigating Pet Insurance and Estate Planning Costs,” the rising costs of pet medicine may not always allow this to occur.

Consumer Reports says few pet owners have pet insurance, and even when they do, coverage is not always a slam-dunk. One large insurance company canceled 100,000 pet insurance policies, leaving these owners few options. Pre-existing conditions aren’t covered in pet insurance, so older pets may be left in shelters when owners can’t pay for their vet bills.

If a pet policy is in place and the owner dies, the policy typically ends. The new pet owner must purchase a new one. This may be prohibitive for the new owner, making pet estate planning necessary.

Pet estate planning is exactly as it sounds—estate planning with a pet in mind in case the pet owner dies before the pet. The typical plan includes a pet trust containing funds dedicated to the animal's care, with a trustee named who will be in charge of the assets.

A pet estate plan also names a person as the pet's custodian. This person may or may not be the same person who is a trustee of the pet trust.

Estate planning is important for senior pets, who are less likely to be adopted if they are in a shelter and more likely to have expensive medical costs. Another reason for a pet trust? If the owner becomes incapacitated, admitted to a hospital, or needs to spend an extended time in a rehabilitation facility and won’t be able to care for the pet, the trustee can act.

How do you know how much to place in a pet trust? The amount depends upon the type of animal, their life expectancy, and the overall cost of their care. For instance, a pet trust for a horse would need to be far larger than one for a domestic cat.

Why can’t you give someone money in your will to take care of your pet? Unless the money is in a trust, there’s no way to ensure that the funds will be spent on the pet’s care. A trustee is a fiduciary bound by law to use the trust's assets for the pet's well-being.

An estate planning attorney can create a pet trust and guide the owner in naming a trustee and custodian. Just as an estate plan needs to be reviewed and updated every few years, the pet trust should also be reviewed.

Reference: The Street (June 10, 2024) “Best Tips For Navigating Pet Insurance and Estate Planning Costs”

When was Your Last Estate Plan Check-Up?

“Like your preventive doctor visits, you should regularly check in on your estate plan to ensure that it’s in good shape for when it’s needed.”

For most people, estate planning includes preparing a last will and testament, trusts and important advance directives to prepare for incapacity, including Power of Attorney and a designation for a health care surrogate. Creating a comprehensive estate or updating an estate plan is on many people’s “to-do” lists, says a recent article from Kiplinger, “Estate Plan Check-Ups: Don’t Just Set It and Forget It.” Like most items on those never-ending lists, the goal is to get it done and move on to the next task. However, unlike some duties, the estate plan needs to be reviewed regularly.

Think of taking care of your estate plan as you do your annual physical, which is necessary even if you are healthy in the future. Your estate plan may be healthy now. However, you want to be sure it stays that way by having check-ups on a regular basis. If you have not gone for your physical or had your estate plan reviewed in a while, there are two appointments you need to make for 2024—one with your physician and the other with your estate planning attorney. Here is why:

Life is all about changes, from birth to death, marriage to divorce. Each of these life events may impact your estate plan. If your will was created before you were married or had children, it needs an update. The same is true if you leave your entire estate to an adult child who has proven to be less than responsible about money or choosing good friends.

Laws impacting estate plans change often. Changes in tax laws, estate planning regulations and inheritance rules could have already made your estate plan ineffective or invalid. Regular reviews with your estate planning attorney can ensure that your will takes advantage of new opportunities presented by these changes.

If your net worth has changed over the years, for better or worse, your estate plan needs to reflect those changes. Let’s say you own two pieces of real estate—a home and a vacant piece of land. If your old estate plan leaves the house to one child and the vacant land to another, their values may have changed dramatically in the last few years.

Beneficiary designations are part of your estate plan, even if they are not in your will or advanced care directives. Any account with the ability to name a designated beneficiary should be checked whenever you update your estate plan. If you do not, you may be passing assets on to ex-spouses or excluding new family members.

By regularly updating your estate plan, you can ensure that it reflects your wishes and will be effective in protecting your loved ones.

Reference: Kiplinger (Jan. 26, 2024) “Estate Plan Check-Ups: Don’t Just Set It and Forget It”

What Is the Biggest Mistake People Make on Their Wills?

“Have you managed to avoid the eight most common estate planning mistakes? Your family will thank you.”

Making mistakes in your estate planning can torpedo every effort made to protect your family after you die, warns a recent article from Kiplinger, “Common Estate Planning Mistakes.” Everyone benefits from a professionally-made comprehensive estate plan, a process for preparing your legal and financial affairs so assets and possessions are passed on after your death to the people or charities you want.

Not having an estate plan can create a world of trouble for those you love. The biggest estate planning mistake of all is not having an estate plan. After that, there are several others.

Procrastination. Suppose you unexpectedly become incapacitated and don’t have an estate plan. In that case, your family will be left guessing what you would want your medical care to be, in addition to needing to go to court to apply for guardianship so they can pay your bills and keep your household running. Everyone should have documents like Health Care Power of Attorney, Power of Attorney, HIPAA Release Form and Living Will in place.

Trying to make an estate plan on your own. Unless you’re an experienced estate planning attorney, there’s a lot you could leave out if you attempt a DIY estate plan. If there are errors, a court could declare your will invalid and it’s as if you never had a will in the first place. The laws of your state will be used to distribute your assets. It may not be what you had in mind.

Keeping estate planning documents in a safe or safe deposit box. Documents need to be where someone can get them in an emergency or after your passing. Safety deposit boxes are often sealed on the death of the owner. Give copies of your estate plan to your appointed executor or trustee, a trusted family member and your estate planning attorney.

Missing key documents. If your estate plan lacks key documents, your heirs might find themselves battling over the estate. Make sure your estate plan includes these documents:

• Last will and testament—This document outlines all final wishes and instructions for distributing your assets and how you want your affairs managed after you die. It also is used to name a guardian for minor children and an executor to oversee the instructions in the will.
• Beneficiary designations—Any account allowing for beneficiaries, including IRAs, pension plans, investment accounts and insurance policies, will pass directly to named beneficiaries. Be sure that these are up to date.
• Durable power of attorney for medical care—Allows another person to make medical decisions for you if you become incapacitated. Depending on your jurisdiction, it may include an advanced healthcare directive, which gives your instructions on whether or not to use life support.
• Funeral instructions—Do you want a traditional burial? Cremation? Tell your family your wishes for a funeral or memorial service.
• Proof of identity—Your Social Security card, birth certificate, marriage and/or divorce certificate and any prenuptial agreements will be needed for administering the estate.
• Deeds or loan documents for large assets—Collect paperwork for homes, boats and other big assets.

Digital assets. These include websites, cloud storage, social media accounts and cryptocurrency, to name a few. By assigning a digital fiduciary and sharing key information, you help heirs avoid identity theft and lost assets.

Failing to update your plan. Your estate plan needs to reflect the changes in your life. If your estate plan is outdated, you may unintentionally disinherit beneficiaries.

Appointing the wrong person as executor or trustee. If your eldest child is a disaster with money management, don’t name them your executor. Consider a trusted person who is unbiased and able to manage money and family dynamics and talk with them about taking on this role before appointing them to this critical role.

Reference: Kiplinger (Dec. 30, 2023) “Common Estate Planning Mistakes”

Estate Planning for Unmarried Senior Couples

“Creating an estate plan for an unmarried couple is already challenging. However, when the cohabitating couple is in their golden years, it’s especially tricky.”

An increasing number of couples at various stages of life are choosing to live together without marrying, making estate planning a bit more challenging. This is true whether the couple is relatively young and has children or if they are seniors, according to a recent article from Kiplinger, “Estate Planning and the Legal Quirks of Retiree Cohabitation.”

From one perspective, living together without being legally married provides an advantage: you have your own estate plan. You may distribute assets after death with no obligation to leave anything to a partner or their biological children. In many jurisdictions, the law requires spouses to leave a significant portion to their surviving spouse. This doesn’t apply if you’re cohabitating.

However, there are downsides. For example, a surviving unmarried partner doesn’t benefit from inheriting assets without estate taxes. A non-spouse transferring assets may find themselves generating sizable estate or income taxes. To avoid this, your estate planning attorney will discuss tax liability strategies.

Owning real property together can get complicated. Consider an unmarried couple buying a property solely in one person’s name, excluding the partner to sidestep any possible gift taxes. If the sole owner dies, the partner has no claim to the property. The solution could be planning for property rights in the estate plan, possibly leaving the property outright to the partner or in trust for the partner’s use throughout their lifetime. It still has to be planned for in advance of incapacity or, of course, death.

Regarding healthcare communication and directives, special care must be taken to ensure that the couple can be involved in each other’s care and decision-making. By law, decision-making might default to the married spouse or kin. Without a designated healthcare proxy, a cohabitating partner has no legal authority to obtain medical information, make medical decisions, or, in some cases, won’t even have the ability to have access to a hospitalized partner. A healthcare power of attorney is essential for unmarried couples.

For senior couples living together, blending families can be challenging. However, blending finances can be even more complex. Living together later in life can create many concerns if there are former spouses or children from a prior relationship. If a senior decides to marry, they are advised to have a prenuptial agreement so children from previous unions are not disinherited. If a potential spouse has big issues signing such a document, it should raise a red flag to their motivation to marry.

While living together without the legal protection of marriage is an individual decision and may be seen as a means of avoiding legalities, it needs to be examined from the perspective of estate planning to protect both parties and their families. Couples must prepare for the future, for better or worse, in sickness and health.

Reference: Kiplinger (Dec. 6, 2023) “Estate Planning and the Legal Quirks of Retiree Cohabitation”

Should My Pet Be in My Will?

“Appointing a guardian, establishing a pet trust and other ways to ensure your animals will be cared for.”

Most of us love our pets like family, yet chances are you haven’t made a plan for your pets if you become incapacitated or die before they do. This is mainly because it’s unpleasant to consider, according to a recent article from The Washington Post, “What would happen to your pets if you weren’t here?”

In generations past, pets lived in the barn or mostly outside. They ate table scraps and whatever they could catch. Pets now have their own beds, go on family vacation, and are often seen at restaurants, hotels and airports. Americans spent an estimated $143.6 billion this year on pet care.

Contemplating your own death is unpleasant, as is considering your death and distribution of all your assets. However, having a conversation about your pets can give you the peace of mind of knowing your beloved animal companions will be cared for after you have passed or if you cannot care for them.

The problem is, if no plans have been made for the pet, they could end up in a shelter and, worse, be euthanized. This particularly concerns older pets, who are far less likely to be adopted than younger animals.

The first step is deciding who you would want to care for your pets. Who would take your dog or cat? This changes over time, as people in their 40s might think their parents will take their pets. However, ten or twenty years later, their parents will probably not be able to take on caregiving.

Next, have a detailed conversation with the person or people you want to take care of your pets. Is their lifestyle and living situation pet-friendly, and would it suit your pet? Talk with them about your pet’s health history, daily routines, like, and dislikes.

You’ll need a budget for your pet’s care. Add up their basic monthly costs, like food, treats, flea and tick prevention medications, then add in vet check-ups and shots, licensing fees and boarding costs. Build in increasing veterinary expenses, which increase as pets age, just like people. The total will be vital to calculating how much money you’ll need to set aside for your pet’s future care.

Under the law, pets are considered property, so you can’t leave them assets in your will. However, you can establish a trust for your pet, an enforceable legal arrangement for them in the event of your death or incapacity. The pet trust is a stand-alone document. However, estate planning attorneys recommend including a clause about it in your last will and testament to ensure that the people involved know about it and that your estate will adequately fund it.

Wills can take months or years to wind through the probate process, leaving your pet in limbo during this time. A trust is effective as soon as a death certificate is ready.

Your estate planning attorney can help create a pet trust. Then, you’ll need two roles: a trustee to manage and distribute funds and a custodian to receive the funds and use them to house and care for your pet. One person could fill both roles, or you could name a person to handle each of the two roles.

Pet trusts are typically set up as inter vivos trusts, also known as revocable or living trusts. They become effective upon your death or if you become seriously ill or injured. Trusts are set up like any other trust, except the beneficiary is an animal. All fifty states recognize some form of a pet trust.

Because your pets’ needs and the people you’ve assigned as trustees and guardians may change over time, reviewing the pet trust regularly is a good idea. The same is true of your overall estate plan.

Reference: The Washington Post (Dec. 5, 2023) “What would happen to your pets if you weren’t here?”

Estate Planning for Millennials and Gen Zers

“Millennials and Gen Zers are taking their estate planning seriously. These tips can help make the process seem less daunting.”

Estate planning is increasingly on the mind of younger adults, far from the stereotype of being only of interest to older, affluent couples nearing retirement or dealing with health concerns. These younger generations have unique attributes, including pragmatic financial views and humanitarian concerns, according to a recent article, “Six Estate Planning Tips for Younger Generations,” from Kiplinger. Here are tips to make this process easier for any generation.

Start with a basic will, which guides how assets and possessions are distributed after one’s passing. Prepared by an experienced estate planning attorney, the will should minimize potential disputes, include a clear delineation of assets and beneficiaries and name an executor to manage the estate and guardianship for any surviving dependents.

Appoint a power of attorney and draft medical directives. Power of Attorney and Medical Directives are basic documents that state your preferences during incapacity. A POA grants a named individual the legal authority to act on your behalf for legal and financial matters, if you cannot do so. Medical directives establish your wishes regarding medical treatment and end-of-life care. While taking care of these matters, you may also want to consider becoming an organ donor.

Determine who you want to be your children’s guardian. Naming a guardian of your minor children isn’t pleasant. However, it ensures that you and your partner make this decision, not the court.

Consider a living trust. Living trusts offer a strategic means of managing assets and helping to ensure that your surviving loved ones maintain control of your assets after you have passed. The trust, established with the help of an estate planning attorney, grants ownership of certain assets or properties into the trust, which becomes their owner. A trustee is named to manage and distribute these assets in accordance with your wishes. In some instances, it makes sense to hire a professional trustee, especially if the trust will need to be managed for decades.

By taking assets out of your estate and placing them into a trust, these assets won’t go through the probate process. Probate involves your executor filing your will with a court after you die. The court reviews the will to validate it and grants the named executor the power to execute your final instructions. Probate can be lengthy, expensive and emotionally charged for the family. Your will is entered into the public record, so anyone who wants to can see your will and know your final wishes.

Don’t forget your digital assets. Younger generations are more aware of the value and footprint of their digital assets. They often name a specific digital executor in their estate plans to ensure that their many accounts and digital assets are managed after their passing.

Seek professional advice and update documents. Despite a plethora of online sites and apps, estate planning documents require the skillful handling of an experienced estate planning attorney. Estate laws are state-specific, so wills and trust documents must be created with local laws in mind. Your estate plan documents, from wills to insurance policies, should be reviewed every three to five years. Every time there’s a significant change in your life, like getting married, buying a home, having a child, or getting divorced, this should also be done.

Reference: Kiplinger (Dec. 3, 2023) “Six Estate Planning Tips for Younger Generations”

Should You Have a Revocable Trust?

“There is a lot of confusion out there about the difference between a revocable and an irrevocable trust.”

Trusts are part of many estate plans and with good reason. Trusts are an excellent way to minimize or avoid having an estate go through probate, according to a recent article, “Is your trust revocable? Should it be?” from Coeur d’Alene/Post Falls Press.

Let’s start with the basics. A trust is a contract between the creator of the trust, known as the “grantor,” “trustor,” or “settlor,” and the person who will carry out the instructions within the trust document, known as the “trustee.” Those instructions include what to do or not to do with the assets in the trust if the grantor becomes incapacitated and what to do with the assets when the grantor is deceased.

Once you’ve decided to set up a trust, you’ll become the trust's grantor and, in most cases, will serve as your own trustee. The trust must include language naming secondary and, in some cases, tertiary trustees who will serve if you are incapacitated or upon your death. The trustee who steps up to serve once you cannot serve as your own trustee is known as the “successor trustee” although the term “successor” isn’t always used.

In a revocable trust, the grantor almost always has the right to change the trust document if they are living and not incapacitated. They can change who will get what from the trust upon their death, who will serve as the secondary trustee and what powers the secondary trustee will have. This flexibility is very useful as life circumstances and relationships change over time. As the name implies, the revocable trust can also be revoked altogether.

An irrevocable trust is very different. Once an irrevocable trust is established, the trust cannot be revoked, and no changes can be made. There are exceptions. However, none of them make it easy to make changes to the trust. The grantor usually must go to court to get permission to make changes.

Why would someone choose an irrevocable trust over a revocable trust? There are instances where an irrevocable trust makes more sense. Some examples include trusts designed to protect assets that would otherwise make someone ineligible for certain programs, like Medicaid. An estate planning attorney would create an irrevocable trust to establish a Special Needs or Supplemental Needs Trust for beneficiaries with disabilities.

It is also possible to have trusts created for married couples with children from prior relationships to protect the children from being disinherited.

Revocable trusts usually become irrevocable once the trust's grantor dies. This makes sense, since the grantor doesn’t want anyone to change the trust once they have passed.

There’s much to consider when setting up a trust, which is not a one-size-fits-all strategy. Talk with your estate planning attorney to discuss your unique situation and learn what type of trust would best protect yourself, your estate and your family.

Reference: Coeur d’Alene/Post Falls Press (Dec. 3, 2023) “Is your trust revocable? Should it be?”

How Does a Living Trust Protect Your Legacy

“A living trust won't be for everyone. However, it can provide big benefits for some. Many people use a living trust for one big reason: avoiding probate. However, there are other reasons you should seriously consider.”

Want to leave assets of any kind to loved ones? You’ll need to plan ahead. There are a number of options used to pass wealth to the next generation, including a last will and testament. This is a legal document designating someone to be in charge of your estate after you die and telling them how you want your assets to be divided.

Another means of passing assets along is explained in the recent article from The Motley Fool, “3 Reasons to Seriously Consider Using a Living Trust to Pass Inheritance to Your Family.” A living trust is a legal entity created while you are living to hold assets and designates someone to manage and disburse them based on specific directions in the trust document. You don’t have to be wealthy to have a trust.

While these two instruments sound similar, they have unique elements, making one better than another in certain situations. For many people, a living trust can benefit the individual making the trust (the grantor) and their families. Here are a few to consider.

Maintaining privacy. Wills must go through probate, a court-supervised process to review the decedent’s assets, approve their executor and rule on the will's validity. Because the will is under the court's review, it becomes public information. In most jurisdictions, anyone who wants to see your will can. They can also see who received what assets.

If you have concerns about maintaining your privacy or the privacy of your heirs, it may be worthwhile to create a trust. This will keep your assets and your heir’s receipt of assets private. The only people who know what’s in a trust are the grantor, the trustee who manages the trust and the beneficiaries.

Avoiding long delays. Since a trust doesn’t go through probate, it may be possible for the trustee to make distributions of assets much faster. The executor typically needs to file the will for probate and wait for the process to be concluded. Only then can they carry out the directions of a will.

When assets are in a trust, the trustee can implement the terms of the trust more quickly. This can significantly help loved ones, especially if they have paid for long-term care, hospital bills, funeral expenses, etc. If they were relying on an inheritance to cover these costs, the faster the trust can reimburse them, the better.

Managing assets if you become incapacitated. One of the biggest advantages of having a trust over a will is its value during your lifetime. A will doesn’t take effect until you die. On the other hand, a living trust with a successor trustee allows the successor to manage the trust if you become incapacitated and cannot serve as the primary trustee.

Whether you have a trust or not, you will want to name a Power of Attorney who will manage your financial and legal affairs if you cannot do so. However, financial institutions can be challenging when dealing with a POA.

Changing the trustee does not impact the trust’s status as a separate legal entity. The successor trustee steps in, and financial institutions will generally be on notice as long as the initial trust documents specify who the successor trustee will be.

Talk with your estate planning attorney about using a living trust as part of your estate plan. It may be wise to use a combination of a will and a trust to achieve your desired outcome. Do remember estate planning is not just for what happens after you die but for preparing to care for yourself and your family while you are living. A living trust could serve you and your family well, during life and after death.

Reference: The Motley Fool (Oct. 31, 2023) “3 Reasons to Seriously Consider Using a Living Trust to Pass Inheritance to Your Family”