A trust is created, but the grantor either transfers no assets, or only a nominal amount of assets to the trust. Provision is then made in the trust agreement for the transfer of all of the assets of the grantor to the trust in the event of the grantor's disability. The transfer upon disability is accomplished through a Durable Power of Attorney executed at the time the trust is created. Gary S. Joiner is a shareholder in Frascona, Joiner, Goodman and Greenstein, P.C. , a Colorado law firm. Information is not provided as advice for a specific matter, nor does its publication create an attorney-client relationship.
Laws vary from one state to another.
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