Revocable Trust for Client Undergoing Life-threatening Surgery
- Applicant: Mr. Dang
- Nationality: Naturalized Citizen of Chinese Descent
- Applying for: Revocable Trust
- Complicated family dynamics could potentially pit members against each other.
- Mr. Dang facing life-threatening surgery.
- Mr. Dang needed to communicate in Chinese
Family dynamics can be complicated at the best of times, but when money and illness are involved that tension can be heightened. At 90 years of age, Mr. Dang was scheduled for potentially life-threatening surgery. Suddenly he felt the anxiety of not knowing what would happen to his wife and family should he die. He didn’t have a will nor a trust. And frankly, he didn’t understand the difference. On top of that, there was a language barrier. He spoke and read mostly Chinese. Where would he find a law firm that could converse in his native language? Fortunately, Mr. Dang reached out to Tsang and Associates where our multilingual legal staff was happy to help.
Mr. Dang and his wife wanted to pass their wealth onto their grandchildren. Tsang and Associates advised them they should set up a Revocable Trust because a will does not cover the inheritance of assets such as a house, cars, real property, a business, and life insurance. Without a Trust, the case would enter probate and that is a time-consuming and dicey prospect. For a $1000.00 fee, Tsang and Associates offer clients the opportunity to set up a Revocable Trust. Other firms often charge triple that amount, but our firm believes it is an honor to provide this valuable service at a minimal cost.
KEYS TO SUCCESS
As part of establishing a Trust, Mr. Dang and his wife needed to appoint a Trustee. Being more traditional, Mrs. Dang felt the responsibility should go to their eldest daughter. Mr. Dang disagreed. He believed their second daughter was more responsible and better able to carry out the responsibilities of the Trustee. By law, the Trustee cannot also be an heir, so they needed to feel comfortable that the right daughter controls the distribution of assets. Tsang and Associates assured the couple their decisions would remain private and their wishes carried out to avoid any conflict with the family members.
Per the Trust, upon the death of Mr. and Mrs. Dang, their assets would be equally divided between their four grandchildren. Our attorneys translated the document into Chinese and then walked the couple through the document page by page so they completely understood each specific clause. Mr. Dang was looking noticeably weaker each time he came into the office. The surgery would be in a few days after signing the trust documents.
Happily, Mr. Dang survived his surgery and has regained his strength and vigor. Tsang and Associates are proud to have helped the couple gain peace of mind about the future of their assets and be able to share in the lives of their grandchildren.