Since the beginning of Western civilization, wills have been the primary tool for individuals to disperse their assets to loved ones at their death. Even the Bible includes several references to wills.
Now, seemingly all of a sudden, trusts, particularly revocable living trusts, rather than wills, are the preferred method of many estate planning lawyers. Why?
Two reasons stand out: mental disability and death.
This article will discuss mental disability and the next installment will address post-death matters.
The most critical matter in an estate plan is what happens on mental incapacity.