Do I need a lawyer to start a Survivor and Family Trust?

[TrustUser]

hi steve,

i am a trust person.

so imo you want to get everything in trust, so that it does not go thru probate.

it sounds like this bank account may actually be legally considered to be part of the trust.

so it wont go thru probate.

i am curious as to who is considered to be the trustee on this account ?

at this point, i would go to a bank officer, and ask them who is the trustee on the account. and if it is legally an account of the trust ?

bank accounts, of course, can have a pod attached, that it can also escape probate.

there are multiple reasons to have an a/b trust, not just because of the amount. but at this point for you, it is a moot point.

if you are selling her assets, and depositing into the trust account, then there is no need to worry about anything, since the goal is to have nothing left in your mom's name.

if your mom's estate has nothing, there is nothing to probate.

as far as making out the check, i think your mom's name is correct, since the asset at time of sale is owned by your mom as an individual (i am assuming).

then that check could be deposited in your trust bank account, with your mom signing, or you signing for her as her poa.

what now concerns me is the amount of funds that could be in this account, and the amount of funds that has fdic insurance ?

if you are left with uninsured funds, i would think hard on setting up multiple trust accounts at various institutions, so that it is completely insured.

i am now more confident that there wont be any unwelcome surprises down the road after your mom passes.

 

[TrustUser]

the other thing to consider is to keep the trust going after your mom dies, such that the assets are owned by the trust.

with the proper clauses, a trust can give you protection of assets that you cant get if you take over ownership (i.e. the assets are distributed to you directly when your mom passes).

you will still get the income each year from the trust, that you will report on your individual income tax return.

it is very much like a pension plan in function.

 

[Stevebol]

the other thing to consider is to keep the trust going after your mom dies, such that the assets are owned by the trust.

with the proper clauses, a trust can give you protection of assets that you cant get if you take over ownership (i.e. the assets are distributed to you directly when your mom passes).

you will still get the income each year from the trust, that you will report on your individual income tax return.

it is very much like a pension plan in function.

Nah. I just want what's in the survivor trust- about a mil. My brother can have what will be in family trust, about 750 grand. Turns out my parents old house is part of the trust so they did fund it. I didn't want my parents to leave me everything because I'll be washed up in the music business for a good while. I have to travel to make $. Can't do that due to lawyer restictions.

They finally got me. I'm offically an American now. I could sell my house to get actual $ and take off but in the long-run Uncle Sam would find me.

Word to the wise- don't mess with lawyers. Take what they give you.

 

[Stevebol]

This was straightened out. I opened an account.