Apr 09, 2015 · Ask about the lawyer's practice and familiarity with cases like yours. One: Have you handled this type of case? This is probably the most important question to ask. You would not want to fly with a pilot making his first transatlantic flight...why trust your case with a novice?
Mar 22, 2019 · Here are some frequently asked questions about trusts, as well as answers to help you decide if a trust might be useful in your situation. What's a trust? Is there an advantage to using a trust instead of a will? What are the disadvantages to using a trust? What's the difference between a revocable trust and an irrevocable trust?
Feb 05, 2019 · As part of that evaluation, ask yourself the following questions as they apply to the prospective Trustee: Does he/she have any experience and/or education in finance? Does he/she have any experience and/or education if the legal field? Is he/she good at conflict resolution? Is the individual free of any obvious conflicts?
1. What experience do you have handling projects and companies like mine? It goes without saying that you want to hire... 2. Are there any conflicts of interest that I should be aware of? Attorneys are responsible for divulging any potential...
Yes, a trust can be challenged just like a will. If for any reason the trust maker was mentally incompetent, forced, unduly influenced, or deceived when setting up the trust, then the contest can be successful.
Living trusts control all of your assets if you become incapacitated, but many attorneys still suggest that you draw up a power of attorney to make financial and medical decisions on your behalf. The power of attorney protects you as an individual whereas a living trust controls where your assets go when you pass.
There are certain situations when a trust can override a will. This is usually in the case of an irrevocable living trust. If you give your house to the irrevocable trust, you give up your ownership of the home, meaning you cannot give it to someone in your will.
There are different types of trusts including an AB trust, revocable, and irrevocable trust. An AB trust is created by a married couple with the objective of minimizing estate taxes due to double-taxation.
Getting a lawyer with the right legal background is essential, but it is also important to know whether your attorney has experience with the judges who will likely preside over your case. If yours is a criminal matter, it is important to know if your lawyer knows the local prosecutors. This courtroom experience can greatly enhance your lawyer’s ability to evaluate the likely outcomes in your case and give you advice that you can rely on.
Your lawyer can often save you money by delegating routine tasks to firm employees who charge a lower hourly rate. However, your lawyer should be involved in all key aspects and decisions of your case, or should explain to you why a colleague can handle some important part of the matter just as well.
You should feel comfortable from the beginning of your attorney-client relationship that you will be able to have regular communications with your counsel. Make sure that you exchange contact information and agree on the ways that you will stay in touch.
Attorneys in every state have an ethical obligation to advise you of any conflict of interest. Still, you should ask the question. If the lawyer’s representation of prior or existing clients would limit the attorney’s ability to represent you, there is likely a conflict. For example, if you want to sue a hospital that the potential lawyer regularly ...
In civil cases, your lawyer might propose mediation , a settlement negotiation process involving a neutral third-party. Other times, arbitration might be an option. Arbitration— using a private service to adjudicate a dispute—is a less formal, less costly, and faster way of getting a decision in some civil matters.
In cases where you are suing for monetary damages, the lawyer may represent you for a “contingency fee.”. This means the attorney gets paid a portion (typically one-third) of the amount you receive after a successful trial or settlement. Make sure you discuss expenses as well as attorney fees.
The trustee is the person or company that manages trust property and “beneficiaries” are the people who benefit from the trust. A living trust is a trust created while the property owner is alive and it is revocable for the lifetime of the trust maker.
You may find that using a trust to avoid probate is well worth the cost of making a trust.
There are some other advantages as well. They include: 1 A trust has the ability to cover things that a will can't cover. Examples include retirement accounts, jointly owned property and life insurance policies. 2 A will becomes public after the property owner dies. However, a trust stays private. Only the beneficiaries and the trustee are informed of the trust. 3 A trust can be more flexible than a will. This helps those who have complicated relationships and need a complicated estate plan. For example, a husband in a second marriage might want his current wife to be able to live in their house before his interest passes to his children from his first marriage. 4 A trust doesn't have to transfer all the property at once, instead in can transfer property over time. A parent could set up a trust to take care of the bills of an adult child with special needs without burdening their child with a lump payment. Similarly, parents of young children or young adults may want to provide payments monthly or yearly until the children become mature enough to handle their own money. 5 Some trusts can be designed to reduce estate taxes. However, most estate taxes affect only the very rich.
A living trust is a trust created while the property owner is alive and it is revocable for the lifetime of the trust maker. In contrast, a “testamentary trust” is one that takes effect when the trust maker dies. Some people use a will in addition to a trust to distribute their property.
However, a trust stays private. Only the beneficiaries and the trustee are informed of the trust. A trust can be more flexible than a will. This helps those who have complicated relationships and need a complicated estate plan.
A parent could set up a trust to take care of the bills of an adult child with special needs without burdening their child with a lump payment. Similarly, parents of young children or young adults may want to provide payments monthly or yearly until the children become mature enough to handle their own money.
After you make a living trust, you transfer property into the trust and you become the trust’s trustee.
A trust is a legal relationship wherein property is held by one party for the benefit of another. A trust is created by a Settlor, also referred to as a Grantor, Trustor, or Maker, who transfers property to a Trustee appointed by the Settlor. The Trustee holds that property for the trust’s beneficiaries.
A trust is created by a Settlor, also referred to as a Grantor, Trustor, or Maker, who transfers property to a Trustee appointed by the Settlor . The Trustee holds that property for the trust’s beneficiaries.
In broad terms, the Trustee of any trust is responsible for protecting and managing the assets held by the trust and administering the trust using the terms created by the Settlor in the trust agreement. Some of the specific duties and responsibilities a Trustee has include:
Some of the specific duties and responsibilities a Trustee has include: Abiding by the trust terms unless they are impossible, illegal, or unconscionable. Investing trust funds using the “Prudent Investor Standard”. Monitoring trust investments. Communicating with trust beneficiaries.
Testamentary trusts are typically activated by a provision in the Settlor’s Last Will and Testament and , therefore, do not become active during the lifetime of the Settlor.
One of the most common reasons for a trust to fail is the Settlor appointing the wrong person as Trustee. Instead of appointing a spouse, adult child, or close friend without thinking the appointment through, take the necessary time to really evaluate a potential candidate.
Dean Hedeker is a leading Chicago-area authority on estate and tax planning, business law and investments. A long-time resident of north suburban Lincolnshire, Dean has more than 35-years experience helping business owners and families grow, protect and pass on their hard-earned money through tax planning, estate planning and investment management services.
An attorney who can answer this question well is an attorney who is attuned not only to the legal challenges at hand, but also to the way clients think about them. They’ve also likely worked with clients like you. They’ll be able to provide context upfront that answers your questions before you find yourself confused by a complex legal issue or legal language.
Although unexpected challenges sometimes arise and cause deadlines to be pushed back, attorneys should be able to give an estimate of how long each phase of the project will take. Make sure that these estimates seem reasonable and fit with the timeline that you have in mind.
Attorneys are responsible for divulging any potential conflicts of interest, even if they are never directly asked a question about them. However, it’s usually not a bad idea to inquire about them yourself.
No matter who you’re interviewing, it’s difficult to gain a complete picture of someone’s capabilities and personality over the course of an interview. This difficulty is compounded when you’re someone without a legal background who’s interviewing an attorney.
California Gov. Jerry Brown recently completed acting on the 1,217 bills that came across his desk this year. He has signed 1,016 of them into law, with the majority taking effect...
There are three stakeholders when you create a living trust: you ( the creator) and the trustee, the successor, and the beneficiaries. The trustee is legally bound to ensure all assets are managed and distributed in accordance with creator’s terms.
A living trust can be contested, but again, it provides a level of privacy other estate documents cannot . If privacy is a major concern for you, it’s definitely a good idea to consult an attorney about creating a living trust.
A living trust— also called a revocable living trust— is an invaluable tool for estate planning, not least because it offers a private, efficient, no-headache way to transfer property after your pass on without the involvement of a probate court.
Probate means a list of your assets will be easily accessed by the general public. If you want to keep the contents of your estate between you and your beneficiaries, a living trust is right for you.
A revocable living trust allows you to manage your property and change or dissolve the trust at any time for any reason at your full discretion. As the trustee, you have total control over your assets which means you can exchange, sell or invest them at any time.
Real estate that is transferred to the trust will be retitled so that it becomes property of the living trust. This does not mean you cannot control your property, just that they belong to the living trust which is a wholly separate entity according to estate law.
Many people are concerned about their estate going to conservatorship in the event they become incapable of managing their own affairs. With a living trust, assets are managed by a co-trustee or successor trustee named in the trust agreement if the creator becomes incapacitated.