Elderly people across the country have been involved in legal battles where people, including family members, are attempting, or have attempted, to gain control of their assets. Some Massachusetts residents may find themselves in a similar situation to former astronaut, Buzz Aldrin, who is currently struggling with accusations that he is not mentally competent. Aldrin has a revocable trust in place to help him, but it is that same trust that is adding to his problems.
Aldrin's family and former manager have allegedly taken advantage of him and have gained control of his assets. He has stated that they have forbidden him from marrying and have been taking funds from his accounts without his consent. However, his family, including his son who has been named as a trustee in Aldrin's revocable trust, claim that the aging astronaut is suffering from dementia.
A revocable trust is intended to help avoid probate battles and to help people to remain in control of their assets for as long as possible. This trust may state who is to care for a person's children, where their possessions are to go, or what their wishes are after death. As the name suggests, a revocable trust also allows the benefactor to alter the responsibilities of a trustee or revoke a trustee completely. Unfortunately, Aldrin's trust not only names his son as a trustee but also requires his son's written permission before any changes can be made.
There are many people whose assets have been seized by another party. A revocable trust can help individuals to prevent this and retain control of their assets. However, in some extreme cases, like this one, unexpected obstacles may arise. Massachusetts residents who have questions about an existing trust or who wish to create a trust could benefit from seeking the advice of an attorney.