Last will / testament and revoke-able trust; how to keep things simple and cost effective?

[z0rk]

Of course, a trust isn't an end-all to estate planning. Even if you place all your major assets in the trust, you'll still want a will and the other documents I mentioned.

Roger that, thanks.

 

[z0rk]

Bill himself passed away before completing it and it's now dumped on his daughter to deal with it

This is what happened to my wife. My parents-in-law just recently passed away and there weren't many assets to pass on, but regardless it was a nightmare. This is actually what prompted us look into a trust.

 

[z0rk]

a pour-over will doesnt hurt - but if one's trust is done completely, it is somewhat unneeded

What do you refer to / mean by "completely"?

wills also generally require 2 or 3 witnesses, whereas a trust only requires a notarized signature
and just in case you are not aware - wills are subject to probate

Thanks for pointing this out!

 

[z0rk]

You and your spouse would serve as trustees of the living trust during your lifetimes, or until you became disabled and unable to handle matters, and then the living trust would name a successor trustee.

Is a living trust another form of a re-vocable trust or an entire beast altogether? I am asking because we understood a re-vocable trust would allow us to change the terms while we're still alive. We don't want to manage our assets from beyond the grave or being managed by another trustee.

If are concerned that your daughter might contest a will or trust don't handle this as a do it yourself project but get a lawyer to craft the documents, as you'd really need professional advice

Understood

you have a lawyer who knows what he or she is doing, that's what you really are paying for and the comfort that things will be done right -- including the "details" such as making sure the documents are properly executed as thus are binding and not susceptible to legal challenge

I've solicited some feedback re: a good lawyer with experience in trusts through nextdoor.com. Of course, I will take the responses with a grain of salt, but it's a starting point.
What would consider good questions to suss-out "a lawyer who know he or she is doing"? Any red flags to watch out for?

Thanks

 

[FlyingRon]

A trust doesn't mean something unless it owns assets. Things with explicit ownership designation (real estate, investment accounts, vehicles, etc...) need to have the trust indicated as the owner.

 

[z0rk]

A trust doesn't mean something unless it owns assets. Things with explicit ownership designation (real estate, investment accounts, vehicles, etc...) need to have the trust indicated as the owner.

Ok, thanks.

 

[TrustUser]

re-titling - simply means changing the title from what it is today to a new title of "trustee name, trustee of the so-so trust"

john smith, an individual, hereby grants to john smith, trustee of the granddaughter trust (something to that effect)

you can use any name you want for the trust - personally i never use my own name in my trust name

 

[TrustUser]

i didnt see the last replies, until after i posted - was not attempting to correct anyone

 

[TrustUser]

"completely" - what i meant is that all of your assets are owned by the trust, such that nothing goes thru your estate/probate

i never needed a will to handle my parent's assets - it was all done by me, as trustee

the concept of pour-over wills is simply if you forget that you own something, dont place it in trust, and then die