The amendable and fluid nature of living trust agreements can be a double-edged sword for those making estate plans, Liza Horvath of the Monterey County Herald reports.
While the fact that these documents can be drafted and amended at any point can help meet a family's changing economic status or philanthropic interests, Horvath says that a revocable living trust can be subject to undue influence of unscrupulous individuals.
While most living trusts state that changes cannot be made if the truster becomes incapacitated, the fact remains that individuals looking to benefit improperly can make it difficult to spot such underlying goals.
Thus, Horvath explains, an irrevocable living trust can ultimately be the best path to take to avoid such undue influence. While this step has the obvious disadvantage of disallowing any changes or adaptations to the trust based on varying circumstances, Horvath explains that it is important to act cautiously when creating living trusts, as financial elder abuse has become all too common in communities.
Those in the California area seeking advice on why living trusts are necessary and how to create them can attend a seminar at the Simi Valley Library on September 25. Attorneys will make presentations aimed towards those considering and currently taking steps to create living trusts.