Question about living wills... I think

[swordsbane]

State: WI

Excuse the simple language as I am fairly clueless where I should even be asking this question but....

I am interested in setting up a "legal entity" that is composed of one or more active funds. What I mean by active funds is that family members (and those others I specify) can deposit and withdrawl freely, (set up automatic payments for bills, direct deposit of paychecks, etc). I want to be able to use the money as for collateral for loans (and other 'members' to do the same with permission), use the money to invest in stocks... well pretty much anything you can do with a checking account, but with more than one owner.

I'm thinking something like a family business, but not quite, that isn't limited to the family and its principle 'business" is investing its own money, and I don't want the assets to be divided up if I die (or if I give up control) but survive intact with a new owner.

My question is: What am I thinking of? Is there some specific plan/contract I should be looking at or is this more of a business and not a family estate/living will thing?What is the name of your state?

 

[FlyingRon]

State: WI

First off Living Will is a term for advanced health directive, essentially what you medical decisions you want to be made if you were to be incapacitated.
There's also a revocable Living Trust, which is similar (I think to what you are after).
You create the trusts and name yourself as trustee (and alternate/sucessor trustees on your death). You can transfer your own assets into the trust and pretty much they are treated asset and tax wise as if you personally owned them. If you become incapacitated the alternate trustee can administer things as you have set up. When you die the sucessor trustee can manage the trust, distributing assets or whatever. The main advantage is that the trust doesn't go through probate. The trustee can start distributing stuff from the trust as any time.

There are family trusts, which I think is what you are after, but I'm not really well versed in them. You need a lawyer or good accountant familiar with this sort of thing. You're not going to just create a sane one with some self-written text.