Money is required for everyday survival. In case you suffer from a disability or die, there may be issues in handling expenses for your medication, rehabilitation as well as funeral if all of your assets are in the trust and you are the only one authorized to handle it. Loughlin Law P.A helps in handling such situations through their effective services. 

1. If you have a living trust.

If you have a living trust, the person responsible for the formation of trust will be the signer of the security account as well as bank-related matters. The trust may have specific provisions which help in appointing the successor in the event of your death or other unfavorable circumstances which can lead you to become incapable of handling it on your own. However, the process of accessing the bank and securities is delayed by weeks. The successor of your trust will be required to show a death certificate to prove your death and their succession in handling the trust and becoming the official signer of all the accounts. The creation of a death certificate takes about a few weeks. Without the certificate, it is not possible to access the money in the trust for the time being. 

To avoid the situation, creating a joint signature bank account is suggested to grant the authority to one person who can withdraw money from it. This authority can be granted to your children or friends by assigning them as signers and providing them checks or debit cards for usage in unfavorable circumstances. 

2. If there is no trust and a probate court proceeding.

In case of no living trust, the estate undergoes Will under the court’s supervision. The court appoints an executor or estate administrator to handle it. The money in the securities and bank account is inaccessible till the appointment of executors or administrators. The process of appointment takes about 2 to 3 months. Accessing the money in the account will be impossible, even if you have a death certificate for that duration. 

In such situations, it is suggested to use the joint account process and authorize a co-trustee to sign on to your trust bank account to access money. However, to carry out this process, it must be mentioned correctly in your trust. The trust must contain provisions allowing the appointment of cotrustees, and the process which will be followed must be stated in the trust. The co-trustee can be appointed when you are still alive and mentally fit.