what to ask lawyer on parent's trust

The first question you should ask your attorney is whether or not a living trust is right for you and if so, what kind is necessary for your specific case? They will walk you through your options and help you figure out the best way to proceed. 2. Who should I appoint as my trustee?

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What should I do if my parent dies without a trust?

May 02, 2022 · A living trust is a document that allows you to place assets into a trust during your lifetime. You continue to use the assets, but they are owned in the name of the trust. You name a trustee who is responsible for managing and protecting the assets in the trust. After your death, the assets in the trust are distributed to the people you choose ...

What questions should I ask myself before creating a living trust?

May 19, 2021 · Here are the top 10 questions to ask an attorney about living trusts: 1. Do I need a living trust? The first question you should ask your attorney is whether or not a living trust is right for you and if so, what kind is necessary for your specific case? They will walk you through your options and help you figure out the best way to proceed.

Should I set up a trust for my adult child?

Jun 29, 2021 · Although any lawyer can draw up a simple will for straightforward situations, such as naming the beneficiary of one's 401(k), seasoned trust-and-estate lawyers can help navigate more complicated ...

Do I need an attorney to create a living trust?

Questions to ask your parents. When you find out you’ll be the beneficiary of a trust, it’s in your best interest to ask questions so you can understand the process and your specific responsibilities. Here are some questions to discuss with your parents: What were your intentions in creating this trust? Ask why this trust was set up.

What questions should I ask about a trust?

What to do when a parent dies and there is a trust?

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What is the consequence of not writing a will and planning for your estate after your death?

What are the disadvantages of a trust?

How do you deal with greedy family members after death?

What are 5 things lawyers do?

What should I know before making a will?

Will preparation questions?

Can you empty a house before probate?

What is a second wife entitled to?

What happens to a house when the owner dies without a will?

What does an estate planning lawyer need to know?

A good estate planning lawyer needs to know exactly what you want from the relationship, and what your personal and specific goals include.

How many questions should an estate planning lawyer ask?

But many people don’t realize that a good estate planning lawyer should also be asking you at least seven very important questions at the first meeting where you are deciding whether or not to trust and to hire that lawyer.

What does a good estate planner do?

After all, a good planner covers a lot of terrain, from analyzing the assets that make up your estate to helping you figure out who should be the executor, whether or not you need living trusts, irrevocable trusts, or trusts under a will.

Is estate planning like cooking?

I often tell clients that effective estate planning is a lot like a cooking recipe.

Do special needs and disabilities matter in trust?

But, in today’s world drug and alcohol dependency, special needs and disabilities all matter very much and special trust provisions may be needed.

Should an attorney review a document?

And the attorney should be reviewing that document with you to verify that it’s complete and accurate.

Do counsels forget to ask questions?

Even good counsel sometimes get so used to asking these questions, that they forget to tell you the very good reasons that they ask.

Why do you need a living trust?

Creating a living trust is an essential part of the estate planning process. It allows you to put your assets into a trust during your lifetime, making for the easy and efficient transfer of assets after you’ve passed. This is a highly beneficial tool for the trustee, as a living trust eliminates the need for probate court.

What is the difference between a will and a living trust?

What is the difference between a living trust and a will? A living trust is active as soon as you put it into effect, whereas a will is only active after your death. There are advantages of both, so it’s something you should discuss with your attorney to identify which one is right for you. 5.

What are the drawbacks of a living trust?

Some of the main disadvantages of a living trust are that there are typically more upfront costs involved and it doesn’t cover any assets you forget to place in it.

Why do you need a successor trustee?

While many people appoint themselves as the trustee so they can manage their assets over the course of their life, it’s important to name a successor trustee to manage the assets after you’ve passed. Your living trust attorney should be able to walk you through the duties of a trustee and help you choose the right person for the job.

Can you put your assets in a living trust?

The majority of your assets can go into your living trust, however, there are certain things that will not be eligible. It’s important to discuss this with your attorney during the estate planning process so you can maximize the potential of your trust.

Can a will direct a living trust?

While a living trust is great for efficiency, flexibility, and privacy; a will can direct any assets you forgot to put into your trust. Before making the decision on whether you should get both, you should talk it over with your attorney. 9.

Is estate planning an unavoidable part of estate planning?

Estate taxes are an unavoidable part of the estate planning process . There are estate planning strategies to help your loved ones handle these taxes. Your attorney should be able to provide you with information on how to manage your estate taxes.

What are the things to consider when planning an estate?

When building an estate plan, you may have a variety of concerns, including the following: Maintaining an orderly administration of assets while you are living. Ensuring that your heirs and loved ones receive your assets. Helping to reduce or avoid conflicts and confusion.

How can estate attorneys help with dementia?

Estate attorneys should help clients fiscally prepare for the possibility of disability or dementia by drawing up powers of attorney , healthcare directives, and living wills .

Why is it important to have an estate plan?

It's important to have a solid estate plan in place to ensure that your loved ones receive your assets without a hassle or undue delay after your death. There are many questions you should ask prospective estate-planning attorneys before hiring one to craft your estate plan. Above all, make sure you hire an attorney who demonstrates ...

How to build an estate plan?

When building an estate plan, you may have a variety of concerns, including the following: 1 Maintaining an orderly administration of assets while you are living 2 Managing estate assets flexibly while you are living 3 Reviewing estates involving tenants in common or community property 4 Considering assets in multiple states 5 Examining small business assets 6 Naming your children’s legal guardian 7 Ensuring that your heirs and loved ones receive your assets 8 Helping to reduce or avoid conflicts and confusion 9 Minimizing legal expenses and taxes 10 Assessing wealth preservation

Do estate planning attorneys review your affairs?

For a small fee, some estate-planning attorneys will semi-annually or annually review your affairs. This can be important, as adjustments to your plan may be necessary if you experience a life change or a change in your finances. New legislative amendments also could potentially change aspects of your estate planning.

Do you need an estate attorney?

You may have multiple types of wills, trusts, and life insurance plans and comprehensive estate plans can include all of these. So it's important that your estate attorney is knowledgeable in these areas. You might want your estate attorney to help you understand the nuances of each estate-planning tool and discern the ones that might be right for you.

Can a lawyer draw up a will?

Although any lawyer can draw up a simple will for straightforward situations, such as naming the beneficiary of one's 401 (k), seasoned trust-and-estate lawyers can help navigate more complicated situations involving several trusts and multiple heirs. 1:21.

Do trusts pay taxes?

Many times, the trust will either pay its own taxes or — if distributions of income are made to you as the beneficiary — that income is passed out and you pay the income tax on it. You may be responsible for some of the capital gains incurred during the year, depending on if you received any principal distributions.

Do family members talk about money?

Each family handles conversations about money differently. For some, discussing finances is a regular practice. For others, conversations may not happen until major life events require family members to get involved and understand the details of an estate plan. If you find out that you’re the eventual beneficiary of a trust, ...

What to do if you have already asked for a copy of a trust?

Assuming that you have already asked for a copy of the trust and information about it, and been denied appropriate information, then you need to hire an attorney who works on fiduciary litigation . The attorney will likely need to send a demand letter to the Trustee of the trust. If that does not result in appropriate action by the Trustee, then your attorney may need to sue the Trustee for an accounting and for a copy of the trust. ... Read More

Who should send copies of a trust to the beneficiaries?

The successor trustee should be sending copies to the beneficiaries.

What is the duty of a trustee in contesting a trust?

Contesting a Trust. Generally, trustees have a fiduciary duty to provide an accounting of the trust to the beneficiaries upon the beneficiary's request. Generally, trustees have a fiduciary duty to provide an accounting of the trust to the beneficiaries upon the beneficiary's request.

What is the fiduciary duty of a trustee?

Generally, trustees have a fiduciary duty to provide an accounting of the trust to the beneficiaries upon the beneficiary's request.

How much does an estate plan cost?

The cost of an estate plan which would include a revocable trust (also called a living trust), will, power of attorney and health care directive for one individual will likely be around $1,500 - $2,000. It depends on the size of the estate and how many assets need to be re-titled into the trust once it is created. The lawyer should help with this task after the trust is created. Hope that is helpful. John Sorlie Bryant, Lovlien & Jarvis Bend, Oregon... Read More

What time do you call a lawyer?

Select the best time for you to receive a follow-up call from a lawyer after your question is answered. ( Required field) Morning (8:00AM to 12:00PM) Afternoon (12:00PM to 5:00PM) Evening (5:00PM to 9:00PM) Other. AM PM.

How long does it take for a sister to give you a copy of a trust?

Your sister is required by law to give you copies of the trust within 60 days of his passing.

What happens if you don't open a probate estate?

If you fail to open a probate estate, you could be liable for taxes and other claims. Even if you do not think a probate estate is necessary, it is important to discuss your options with an experienced estate attorney.

What to do if you don't receive a death certificate?

You will need a death certificate to claim certain benefits, and for the estate process as well. If you need additional copies of the death certificate, you should contact your local Department of Vital Records.

Why is it important to notify everyone you know when a loved one dies?

You should also contact an estate attorney about the notification process, including required death notices in the local newspapers and elsewhere. This will provide the notification you need to protect yourself legally and prevent others from contesting the estate.

What to expect after a loved one dies?

The days and weeks following the death of a loved one can seem like a blur. The grieving process is difficult enough, but there will also be a funeral to plan, relatives to notify and financial issues to handle . Meeting with an estate attorney as soon as possible can ease your burden and make a difficult time easier to bear.

How to contact an estate attorney in Arizona?

Call Arizona Estate Attorney Dave Weed at (480)426-8359 to discuss your case today.

How to protect assets in a death?

The best way to protect the assets is to open the estate right away. The court will name an executive or personal representative, and that individual will be charged with protecting the assets and distributing them in accordance with the wishes of the deceased.

Is it hard to handle an estate?

The death of a loved one is always hard, but the difficulty of handling the estate can make an already difficult situation that much worse. Dealing with the complexities of the estate, closing the financial affairs of a deceased loved one and handling the taxes due can really put a strain on your emotions.

Why use a trust instead of a will?

Is there an advantage in using a trust instead of a will? The main advantage to using a trust is that a trust helps to avoid probate. Probate is the court process though which assets are transferred and debts are paid off. The process can be very expensive and can take a long time.

What is a trust in a will?

A trust is a legal agreement that names someone to hold property for the benefit of others . 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. 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.

What happens to an AB trust when the trust maker dies?

An AB trust is like a living trust, but when the trust maker dies, an AB trust splits into two buckets: One bucket of property goes directly to beneficiaries, and property in the other bucket is set aside for use by another person before it passes on to the final beneficiaries.

Why is a trust more expensive than a will?

A trust may take longer to create than a will and can be more expensive. This is because trusts are usually more complicated than a basic will . However, in many situations, a trust can save money in the long run.

How does a living trust work?

After you make a living trust, you transfer property into the trust and you become the trust’s trustee.

Why do people use trusts?

The main advantage to using a trust is that a trust helps to avoid probate. Probate is the court process though which assets are transferred and debts are paid off. The process can be very expensive and can take a long time.

Who manages a trust property?

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.

Who is responsible for creating a living trust?

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.

What assets should be transferred to a living trust?

These should include any real estate, family heirlooms, and any savings or retirement plans. Be sure you know where the paperwork is for each asset so you can prove ownership. All of these assets may be transferred to your living trust.

What is a revocable living trust?

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.

What happens when you send your estate to probate?

It’s also important to keep in mind that when you send your estate to probate, your privacy will be violated. 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.

What happens when an estate goes into conservatorship?

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.

What is 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.

Why do people name themselves as trustees?

People name themselves and a spouse as initial trustees. This allows them to maintain autonomy over property placed within the trust during their lifetime (providing they are mentally competent to manage their own affairs).

Why do you need an irrevocable trust?

The two most common reasons for creating an irrevocable trust are 1) to save taxes; and, 2) to preserve assets from the reach of creditors, including long-term care costs.

What happens if you transfer a house to an irrevocable trust?

For example, even though the transfer of a home to an irrevocable trust will not result in an immediate tax consequence, there could be later tax consequences. Such a transfer may mean that the inheritors of the house will not be entitled to a stepped-up basis in the property when the trust maker passes away.

Can you get money back from an irrevocable trust?

A hallmark of most irrevocable trust planning is that once you transfer an asset to the irrevocable trust, you cannot get it back. Understandably, many people are reluctant to transfer their money or investments to an irrevocable trust.

Is a trust right for you?

As with all estate planning, whether or not a particular type of trust or other planning is right for you depends entirely on your unique situation. Speak with an experienced estate planning attorney, a lawyer for wills and trusts, about your situation and your goals and don’t forget to ask the above five questions.

Can you receive rental income if you sell a property in an irrevocable trust?

However, if the property in the irrevocable trust is sold, you would not have access to the sale proceeds, which would continue to be held in the irrevoc able trust.