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> Advice Needed For Trust Novice
clarence
post Jan 29 2009, 06:27 AM
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I am 68 years old and I own a couple properties and a joint bank account with my wife. We’re thinking about doing our first trust so that we can make sure our kids get everything. How do you go about getting this done?

There is so much talk about Estate Planning
I have also heard you can do your own documents? Has anyone tried this before?

The future hides in it gladness and sorrow. ~Von Goethe
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dialtone
post Jan 29 2009, 12:29 PM
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The best advice on these matters would come from a lawyer. You don't want to leave any loopholes that can be contested after your death.
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MoneyGuy
post Jan 29 2009, 10:50 PM
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QUOTE (dialtone @ Jan 29 2009, 11:29 AM) *
The best advice on these matters would come from a lawyer. You don't want to leave any loopholes that can be contested after your death.


I agree. See a lawyer. That's what I tell clients who ask me about this. I know lots about trusts and can answer questions, but this must go to a lawyer.


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QUOTE (belguy @ Feb 18 2010, 07:34 PM) *
Maybe I need a financial advisor!!!
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kcowan
post Jan 30 2009, 08:28 AM
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You should investigate estate freeze and make sure the lawyer you choose has proven experience with those.


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delphi51
post Jan 31 2009, 12:12 AM
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Joint ownership works well. When my mother passed away, my dad and I had no need for a lawyer, probate, reading of the will or any of that stuff because everything she owned was joint with either him or me. It sure made things convenient when she was in long term care, too.
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kcowan
post Jan 31 2009, 08:19 AM
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Most lawyers recommend against joint ownership of properties with sons & daughters. Joint holdings of investments works well and can be easily reversed if there are changing conditions such as divorce.


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