Legal Question in Wills and Trusts in Florida
estate protection
my father has alzheimers disease. he has a several million dollar estate of which he is rapidly losing track. what legal steps can i take to protect the estate from his diminished state.
2 Answers from Attorneys
Re: estate protection
If it is not too late he can set up a trust with a trustee controlling the assets for his benefit. Another alternative would be to have a fiduciary appointed by the court to manage his property. Good luck.
Re: estate protection
If still competent, he could set up a trust with someone else [bank, trust company or one or more individual] as trustee, give some one or more persons power of attorney, or voluntarily agree to have someone appointed guardian over his property. Otherwise, a family member would have to petition the local circuit court to declare him incapacitated and to appoint a guardian over his assets.