Are you the trustee of your living trust? You may be wondering what will happen if there comes a time when you become incapacitated, the successor you have chosen would manage your trust for you. Unless, of course, you did not move your assets to the living trust; if that is the case, another individual would be the one to manage the trust. Some of the factors that might affect your trust could depend on whether or not your assets were considered community property or separate property, as well as if you have a durable financial power of attorney.
Will My Spouse Control the Estate?
Remember that if you were married, the assets that you have accumulated during the marriage might be grouped under the category of community property. Your possessions that were given to you or inherited to you before you were married are considered separate property. In our state, community property transactions are handled by the spouse if you become incapacitated. Separate property, on the other hand, may be managed by an outside agent or someone acting as “attorney-in-fact,” otherwise known as durable power of attorney.