ABA Family Legal Guide

The Rights of Older Americans

A Right to Control Your Own Affairs

Living Trusts

I thought a trust simply paid an allowance to someone. If I need a trust because I cannot manage my own finances, how would this help me?

Some trust arrangements do just pay a sum to the beneficiary periodically. However, you may design a living trust in which the trustee handles many of the daily tasks of managing the estate, including paying bills and taxes. You may state in the trust agreement exactly what you want the trustee to do, how you want your assets managed, and how much discretion you want to give your trustee.