Ask anyone what the hardest thing in life is, and most will say getting older. Everyone goes through it, and it’s not easy. One of the most difficult things to deal with is deciding what will happen to your assets when you’re either no longer able to handle them yourself or are no longer here. Buzz Aldrin’s revocable trust is making headlines and bringing this option for asset planning in the forefront. Learn more about his situation and revocable trusts.
Buzz Aldrin’s Revocable Trust
Buzz Aldrin is most famously known as the second man to ever walk on the moon back in 1969. He may now be known for something else. Buzz Aldrin’s revocable trust is making headlines recently as he’s currently in a legal battle with his family. His family claims that he is developing dementia. They believe that he’s not in his right frame of mind. He’s claiming in a lawsuit that his former manager and his children are taking advantage of him. That it’s a lie so that they can have access to his assets in his trust and not follow his wishes. It’s up to the courts to go through this tangled situation to get to the bottom of it.
These differing views on the situation help to demonstrate how tricky these situations can be for families. Both sides are required to show evidence of their claims. Buzz Aldrin had to undergo a competency exam to determine whether his children’s claims have any merit, but the results have not yet been released. This type of situation can show that there can be some potential problems down the road when using a revocable trust
What Is a Revocable Trust?
After hearing about Buzz Aldrin’s revocable trust, it may have peaked your interest and have you wondering if this is something that can help you and your family. So, what exactly is a revocable trust? You may have heard of a revocable trust under the term living trust. A revocable trust is when you set it up so that a family member or friend is placed in charge of the estate and assets of the grantor of the trust. However, they keep the right to change or update the trust. This ability to change it at a later date means that they have peace of mind. They don’t have to worry over losing their control. Then, once the grantor passes, the assets in the trust are not impeded by a probate court. This fact cuts the costs and allows the beneficiaries to receive the assets immediately. On the surface, this sounds completely advantageous, but there are some disadvantages.
What Are the Advantages?
There are numerous advantages that come from a revocable trust as can be seen from the example of Buzz Aldrin’s revocable trust. The main advantage is that the person still has the ability to handle their assets and make changes to the trust as they see fit. In addition, it makes it easier to go through the process of following a person’s wishes once they have passed away. There is no probate court to go through. That means no fees, waiting on the court, or any issues with the process.
What Are the Disadvantages?
Also, as demonstrated by Buzz Aldrin’s revocable trust, there are some disadvantages. In this instance, Buzz Aldrin feels he’s being taken advantage of while his loved ones are claiming that he’s starting to slip mentally. This situation can make any situation hard as now both sides have to prove their case. This differing of opinion and the worry over the mental health of an elderly parent can create some issues with revocable trusts.
How Do You Know If One Is Right for You and Your Loved Ones?
No one has a crystal ball to help them determine their exact future. That makes it hard to know if a revocable trust is right for you and your loved ones. The example of Buzz Aldrin’s revocable trust shows just how tricky these types of matters can be when it comes to family, finances, and health. It can be difficult to even broach this subject with older family members or with your children as no one wants to hurt anyone’s feelings, make them feel less than, or impart other negative emotions. However, for many families, it’s a necessary process. Speaking with an attorney that’s familiar with revocable trusts, irrevocable trusts, and other aspects of estate law can be beneficial. They can help lay out the advantages and disadvantages based on your family’s situation.
Are you considering a revocable trust to protect your assets? Do you have questions on whether or not this is the right step for you? Contact the professionals at the Law Offices of Howe & Garside, LTD. Let us help you with finding the right option for you and your family.