Any lawyers here especially estate lawyers?

[Bandit]

What would you consider better, a "living trust" or an ordinary will? I just had a very close friend die recently and now my wife and I are trying to get our affairs in order..Surprizing how quickly our mortality becomes an issue after a death in the family or close friendship.

[BOSSHOG]

1. Thanks very much for asking that question

I'm not a lawyer but I'll be checking back hoping one responds. My wife and I have wills but then we were talking about what would happen if we both die at the same time (car wreck?!?) We have resolved to take care of that issue soon.

[Geoff R. Casavant]

8. Check Louisiana's "simultaneous death" statutes

These may usually be worded as "survival statutes" that say in effect, if a person fails to survive a decedent by some set period such as 5 days or so, then that person is treated as having died before the decedent. So if the two of you die in a common disaster, her estate passes as though you died first, and your estate passes as though she died first. If your wills are not coordinated, it can get complicated.

However, Chief, since you're a retiree, you get free legal assistance from the Navy. I'm in Corpus Christi one weekend every month, if you can get there.

[BOSSHOG]

9. That a very kind offer, thanks very much

Two weeks ago we were driving home from New Orleans and saw a nasty accident on the interstate. That's how this conversation between the Mrs and Me came up. We have no children but would like to earmark who and/or what our estate went to. I figure we are worth at least half a mil. I wouldn't want a probate court to decide for us.

[BonnieJW]

2. I'm not a lawyer, but

you need both as well as a power of attorney. A revocable living trust, a living will and a power of attorney. It costs about $1000.

[Warpy]

3. I'm not a lawyer, but I've just been through settling an estate

and a revocable living trust is the way to go. Making it revocable ensures that if theft occurs, the trustee can be dumped.

The problem with a will is that it has to go through probate. Not only does that delay the time between death and transfer of property, it also means that fees will have to be paid. Fees to lawyers, accountants, and other people involved in the cumbersome legal process known as probate are set by law, and they can eat up a considerable amount of estates.

Living trusts, while they avoid probate, have been risky for some people. There are occasional horror stories in the news about how elderly people who have misplaced trust in an heir have had everything including their homes stolen from them by that heir. Most of them work out just fine, though, as few of us are motivated to steal from people we love.

I was able to talk my pop into the revocable trust and I was very grateful when he died last year. I was able to settle things on the spot rather than waiting for the whole probate process to grind through the system.

It all comes down to trust, I guess. Trust is certainly cheaper for the heirs.

[no_hypocrisy]

4. You need advice from an attorney specializing in estate planning

as there are important estate tax implications with each document.

[SoyCat]

5. I'm not a lawyer but I have worked with living trusts.

If you have over $2 million in assets it becomes very important. If not the revocable living trust can also help avoid probate. This can smooth over estate matters quickly and privately without getting tied up in the court system. My father has a trust, a will, power of attorney, and a living will.

(SoyCat's Husband)

[musiclawyer]

6. Pretty much good advice

Any assets overed by the will be probated, and that's an expense and an intrusion of privacy often unnecessary. There are intances where a living trust AND will are desirable, but not often. Usually anyone with assets only needs the power of attorney, medical power, and trusts. But check with a pro.

[Geoff R. Casavant]

7. I am a probate attorney

The basic rule is this -- a trust can be an excellent addition to a will, but should never be a substitute for a will. If you must choose, get the will.

There are always assets outside any trust you set up if you are alive -- for example after acquired property, or property that is not properly transferred to the trust. That property will need to go through probate. In addition, trustees are not legally authorized to settle personal debts or go after debts owed to a decedent the way an executor would be.

[Manifestor_of_Light]

10. trusts adminstered by banks

Trusts administered by banks can be sucked down by fees, losses on paper, etc. similar to a broker churning an account because of making multiple stock trades, and earning commissions.

I've seen a trust where a bank sold ten acres which is now being developed into yuppie houses on big lots, and they showed a LOSS of $40,000, when it should have been subdivided into individual lots for a good profit! Fiduciary duty my ass!!

I don't trust banks and corporate lawyers.

The last guy who posted is right; get the will done, and put in a provision about if you die "in the same accident or disaster", who the assets go to.

I do not have a law license but I have a J.D. and my dad was a probate, trust, estate and family lawyer. I typed a zillion wills. The most famous joke I remember from that area is "Being of sound mind, I spent it all..." :rofl:

If you have a relative that you want to give nothing to, and you think will contest the will for some reason, then put in a bequest of say $50.00, and a contest clause, i.e., that if they contest the will they will get nothing. When I was typing wills, the standard amount to give the person you didn't want to have anything, was ten dollars.


Revocable living trusts may indeed be the way to go if you have a lot of assets.