QUESTION: I have just received my Green Card. It took years of waiting and I’m so happy. I have heard about getting a Living Trust, but I really don’t see the point. I have my Green Card and all is well. What do you think?
Answer: Actually, this could not be further from the truth. Yes it was difficult and time consuming to get your Green Card. You have worked years and have accumulated assets, a house and you other material goods. You have children and a spouse. What happens if tomorrow you get in a car accident and become incapacitated? What happens if you pass away tomorrow for whatever reason? What will happen to your children? What will happen to your spouse?
By not doing anything and by thinking everything’s just fine, you are just putting your faith that nothing will happen to you or your spouse. You are essentially stating that by not doing anything you are allowing the State where you live to choose who gets what and to make decisions that you would have wanted yourself. You are stating that you want the State to make decisions as to your life support should it be necessary. You are stating that you want the State to determine distribution of all your assets and goods to whom the State believes they should go. All your years of hard work to protect your family will essentially be placed in the State as to what happens to everything.
Question: Well I don’t want to think about dying or becoming incapacitated. Maybe it is just better that I leave this in the hands of God.
Answer: That is not a good idea. As the parent, you want to protect your family more than anything. Even if you are only 25 years old, you should do this. By preparing a proper Estate Plan, you are protecting your family when you no longer have the ability. It is the very reason that you are coherent and healthy now that allows you to do this. Nobody will question what you want or claim you do not lack capacity.
Question: OK. What do I need to do?
Answer: You will need to have a basic Estate Plan. While there are differences in each one, the basic documents will be: 1) Durable Power of Attorney for Financial Decisions; 2) Advance Healthcare Directive for Medical Decisions; 3) Living Trust and 4) Pour-over Will. By doing these documents properly, you will be protecting your family. If anything happens to you or your spouse, your wishes will be followed and you can have peace of mind.
In fact, the State wants to follow your wishes should something happen. However, the only way to properly follow your wishes is to do these documents and have them properly done so they are legal, enforceable and revocable.
Question: What if I have more kids or later want to change who gets what, or to change the successor trustee?
Answer: None of that is a problem. All of these documents are revocable at the time they are made. This means, you can properly change anything you want at anytime.
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Atty. Brian D. Lerner has been an Immigration Attorney for nearly a quarter of a century. He is married to a Filipina and has helped thousands of Filipino families all over the country. In addition to his offices in Southern California in Long Beach and Carson, he has an office in Quezon City. He is a certified specialist in Immigration and Nationality Law by the Legal Board of Specialization, California State Bar. The initial consultation is free. Call (562) 495-0554 and/or send an e-mail to [email protected].
