Living Trusts? Guidance

[Microman]

Back in 1999, probably using an Apple IIe or Apple IIGS, I used a copy of will maker/trust, to make a trust. It has to be updated, and properly, as this didn't cost a dime to prepare. Had it signed by witnesses and notarized, but I am sure that many things need to change. Executor, add a Sibling... List of our assets, now.... etc.

Wife has a recommendation of a Trust person, and she has been asking me to copy this old trust, which I just did.

Seems like a lot of work for the person taking care of the work after we are gone.

And how does one, make sure that the brother of Daugher in Law, doesn't receive any of the assists, from homes etc. I assume if something is given to my Son, and he is married, half of that would be in her column as well.

Well at least I finally copied this old Trust, and will share with Trust Person, that wife has recommended. And see what it will cost, and etc, etc.. etc....

Thanks, for any thoughts.... and how did I get this old, so quickly?? 76

[Acer]

NAL, but if you are not altering the terms of the trust significantly, you could just add a codicil with the updates to names, including specifications to who should not get anything.

For basic inheritance, it goes to only blood relatives by default. In-laws get nothing directly, even if the blood relative is deceased. The inheritance chain seeks the next blood relative. If your son wants to give a portion to someone else after disbursement, it's his call not yours, but in laws have no direct claim. Of course, you are free to say anything you want in the will. It's just not binding on your heir once your heir gets the check.

Again, NAL, YMMV in your state or jurisdiction.

[pqrst]

It is good that you are checking into it. Like most legal documents, the applicable law varies from state to state especially in the wills and trust area. At the absolute minimum, you should have it looked at by an experienced professional. And recommend you consider having a living trust document drawn up, particularly if you own any interest in real property. Nolo press is an online resource and the books or ebooks are pretty good to lay out the issues. There is a willmaker program which is painless (or as much as any legal thing is) to get started with pulling together the information. My 2 cents.

[MikeF]

Spend the money and get a real lawyer to make the trust. As part of the trust process, they'll probably have you create new wills identifying the trust as the recipient of everything. The trust will dictate where assets go in the final process.

[mattkime]

Hire a lawyer, they'll explain all of this to you. They can use your existing trust as a start for what happens next.

You can express your concerns and they'll also notify you of things they think you should be concerned with. I was warned repeatedly against giving my house (and remaining mortgage) to my brother and his wife....who would also be raising our kids. "People change" IMO its not worth worry about and there's only so much I can control once I'm dead.

[rz]

We went with a trust attorney. Most people don't realize that having a will is not really enough to prevent probate.

[Michael]

Microman wrote:
And how does one, make sure that the brother of Daugher in Law, doesn't receive any of the assists, from homes etc. I assume if something is given to my Son, and he is married, half of that would be in her column as well.

When my mom passed, the lawyer had a meeting with my sibs in CA and me online. She told us to set up separate accounts in our names only to receive the inheritance and that if we put it into a joint account it would end up as shared property with our spouses. I went ahead and put it into our joint account simply because I trust my wife.

Interestingly, the one of us who I know put it in a separate account ended up with his wife asking for a divorce 5 years later and their community property excluded the (rather modest) inheritance. It irritated her to no end when both attorneys told her it was really just tough luck that it was excluded from their assets to be split. My brother has landed well; we're coming out to CA for his wedding in a month.

[weapon]

I just went through this with my mom passing a few weeks ago. Even with all the lawyers emergency situation help. we still missed a few things and now I am having to deal with probate.

Get it done early and more thoroughly. You do not want to be stuck in a situation like mine.