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Proactive Planning: Why Creating a Living Trust is Essential Prior to Surgery

Creating a Living Trust before undergoing a medical surgery is a proactive step that can help ensure your assets are protected and your wishes are honored in case of any unforeseen complications. Here are a few reasons why it may be beneficial to establish a Living Trust before undergoing surgery:

Incapacity Planning:

Surgery, especially complex procedures, carries a degree of risk. There is a possibility of complications that could result in temporary or permanent incapacity. By creating a Living Trust beforehand, you can designate a successor trustee who can manage your assets and make financial decisions on your behalf if you become incapacitated. This ensures that your financial matters are handled according to your wishes, even if you are unable to do so yourself.

Healthcare Decision-Making:

In addition to financial considerations, a Living Trust allows you to name a healthcare agent or create an advance healthcare directive. These documents provide guidance to medical professionals and loved ones about your preferences for medical treatment, end-of-life care, and other healthcare decisions. By having a Living Trust in place, you can ensure that your healthcare wishes are respected, even if you are unable to communicate or make decisions during your recovery.

Asset Protection and Estate Planning:

Surgery inherently involves some level of risk, and unforeseen complications could potentially impact your assets and estate. By establishing a Living Trust, you can proactively protect and manage your assets during and after surgery. The Trust provides a clear framework for asset management and distribution, allowing for efficient and orderly handling of your estate should anything unexpected occur.

Peace of Mind

Undergoing surgery can be a stressful and uncertain time. By creating a Living Trust beforehand, you can have peace of mind knowing that your affairs are in order and your loved ones will be taken care of according to your wishes, regardless of the outcome of the surgery. It provides reassurance that your financial matters and estate are well-planned and accounted for, reducing potential burdens on your family during an already challenging period.

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What is a Trust?

A Living Trust is a financial tool that lets you plan, organize, and protect your life. It’s a personal entity that allows you to add assets and plan out your inheritance. Eliminating legal battles, cost, and time spent by your loved ones. 

Think of it like a personal LLC that you put everything you own in. Except it doesn’t protect you from liability like an LLC does, it protects you from probate and conservatorship. 

Probate is the complicated court process (12-18 months) where a judge decides what happens to your assets after you die, become incapacitated, or are “deemed” incapable. Creating a living trust allows your assets to completely circumvent probate and immediately transfer to your loved ones. 

In addition to being able to name heirs (your beneficiaries), a Trust also allows you to assign someone to manage it (your successor trustee). Instead of going through probate, your Successor Trustee takes control of the Trust, handles your affairs, and distributes your assets according to your instructions. The person you select as Successor Trustee should be your most trusted person. Like a best friend or closest family member.

At Dynasty, we believe everyone should have a Living Trust. If you have children, assets, or plan to acquire assets in the future, you should create a Trust. That way when you buy your next home, open a bank or brokerage account, get startup shares, etc. – you can immediately title them in your trust.