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What is the name of your state? MN
Mother is a resident of the state of Iowa-her property is located in Iowa. She has Alzheimer’s and is confined to a nursing home. I have two other siblings. The three of us are named executors/executrix in Mother’s Will. All three siblings have our own families. When Mother made her Will, she made provision (per stirpes) for the children of the siblings to receive the siblings share of the inheritance should the sibling(s) die before Her. Her estate is to be divided equally between the siblings.
Someone suggested that we consider doing a trust for Mother’s estate to avoid probate costs-all three siblings have power of attorney. Her income is adequate enough to cover nursing home costs. Her estate consists of bank accounts, IRA’s, life insurance and farm ground. The bank accounts have been set up POD, with the three siblings as beneficiaries. The siblings are also beneficiaries of the IRA’s and life insurance policies. Appears the farm ground, estimated value $350,000 to $400,000, is all that would be probated. Is there a means, other than a trust, to keep it from being probated? We would like to respect Mother’s wishes and keep the Will and not do a trust, but also think it foolish to pay possible high probate costs-we’ve been told it could be 10%. Because of her illness, Mother would have no knowledge of the trust.
Our Mothers care and comfort are of utmost importance. Next, we each want to make sure our children (all adults) are provided for should one or two of us expire before Mother. Is an irrevocable trust a way to insure that? Is the “per stirpes” used only in wills or can it also be used in a trust?
Your help is much appreciated.
Thank you.
Mother is a resident of the state of Iowa-her property is located in Iowa. She has Alzheimer’s and is confined to a nursing home. I have two other siblings. The three of us are named executors/executrix in Mother’s Will. All three siblings have our own families. When Mother made her Will, she made provision (per stirpes) for the children of the siblings to receive the siblings share of the inheritance should the sibling(s) die before Her. Her estate is to be divided equally between the siblings.
Someone suggested that we consider doing a trust for Mother’s estate to avoid probate costs-all three siblings have power of attorney. Her income is adequate enough to cover nursing home costs. Her estate consists of bank accounts, IRA’s, life insurance and farm ground. The bank accounts have been set up POD, with the three siblings as beneficiaries. The siblings are also beneficiaries of the IRA’s and life insurance policies. Appears the farm ground, estimated value $350,000 to $400,000, is all that would be probated. Is there a means, other than a trust, to keep it from being probated? We would like to respect Mother’s wishes and keep the Will and not do a trust, but also think it foolish to pay possible high probate costs-we’ve been told it could be 10%. Because of her illness, Mother would have no knowledge of the trust.
Our Mothers care and comfort are of utmost importance. Next, we each want to make sure our children (all adults) are provided for should one or two of us expire before Mother. Is an irrevocable trust a way to insure that? Is the “per stirpes” used only in wills or can it also be used in a trust?
Your help is much appreciated.
Thank you.