Mommers & Colombo

A trust can seem complicated and does require a knowledgeable Melbourne trust lawyer, but the premise is simple. You create a trust, retitle your real estate, bank accounts and other assets into the name of your trust, and your assets avoid probate at your death. And, best of all, during your lifetime you have complete control over all assets in trust, because they are yours.

A trust can seem complicated and does require a knowledgeable Melbourne trust lawyer, but the premise is simple. You create a trust, retitle your real estate, bank accounts and other assets into the name of your trust, and your assets avoid probate at your death. And, best of all, during your lifetime you have complete control over all assets in trust, because they are yours.

If there are people in your life unable to look after themselves, such as incapacitated adults or adult children, you can ensure that they are cared for now, and will be cared for after your death by appointing a guardian for them. That guardian can be you or a family member or loved one.

If you have a child with a developmental disability, you must be appointed their guardian once they turn 18 - otherwise, you will not legally be allowed to make decisions for them since they are considered adults.Guardianship may also be needed if you have an elderly family member or friend that perhaps cannot care for himself or herself any longer, due to Alzheimer's, dementia, or other disability.

A power of attorney, one of many useful estate planning instruments available to you, can be classified as financial, durable and medical. Each is a less expensive shortcut that avoids the need for a guardianship. And it allows a family member or other trusted person to help manage your finances and pay your bills if you are suddenly unable to.

Special needs trusts are designed to guarantee that an inheritance or personal injury settlement will not result in the person losing his/her government assistance. A Special Needs Trust (SNT, or Supplemental Needs Trust) can be set up for a minor, adult or senior citizen, to guarantee his/her future financial support.