When many people hear of trusts and similar arrangements, they might automatically think of things that are used only when a person passes away. While that assumption is true in many cases, there are some other uses for trusts and similar arrangements. Our California readers might be interested to read about how a private trust firm is being called in to help Amanda Bynes.
Amanda Bynes has been having some mental health issues. With those issues in mind, her mother was granted a conservatorship over her daughter. A conservatorship has many aspects, but Bynes' mother has one less aspect to deal with now. She has surrendered the financial portion of her conservatorship over Bynes to a private trust firm.
Bynes' mother will still play an active role in the process. She will work with that firm to make sure that her daughter has the financial resources she needs to live. The trust firm will be responsible for making sure that Bynes has her medications, food, shelter and other daily needs. One of the goals of this arrangement is for Bynes to have permanent housing. The next scheduled court date for Bynes' conservatorship is in February 2015 for a hearing.
This shows how versatile a trust can be. It also highlights how complex conservatorships can be. Anyone who is considering a trust or a conservatorship should make sure that he or she fully understands exactly what the arrangements entail. Fully understanding everything can help you make a decision about how you should ensure your wishes and needs are fulfilled.
Source: Newsday, "Amanda Bynes' mother cedes part of daughter's conservatorship to private trust firm" Frank Lovece, Nov. 07, 2014