Setting up a trust

[Superfly]

Anyone have any advice to give for setting up a trust? Hump and I want to put our property and belongings in a trust, with my daughters.

I've read up on it, and understand the basics, but I'd like the advice of others, because from what I understand, once the property is placed in a trust, I no longer have it in my name, and that's scary. Feels like floating without a safety net.

I want to make sure that this is a good route to go before I talk to our real estate lawyer about setting one up.

 

[reflechissez]

Anyone have any advice to give for setting up a trust? Hump and I want to put our property and belongings in a trust, with my daughters.

I've read up on it, and understand the basics, but I'd like the advice of others, because from what I understand, once the property is placed in a trust, I no longer have it in my name, and that's scary. Feels like floating without a safety net.

I want to make sure that this is a good route to go before I talk to our real estate lawyer about setting one up.

You need to talk to an estate attorney before you start doing stuff. What I bolded suggests that you do not yet understand the basics. The first thing to figure out is why you are doing it. Then have your attorney explain the pros and cons. It can be complicated.

 

[Napoleon]

Anyone have any advice to give for setting up a trust? Hump and I want to put our property and belongings in a trust, with my daughters.

I've read up on it, and understand the basics, but I'd like the advice of others, because from what I understand, once the property is placed in a trust, I no longer have it in my name, and that's scary. Feels like floating without a safety net.

I want to make sure that this is a good route to go before I talk to our real estate lawyer about setting one up.

You can direct in your will that your property is to become the property of a trust upon your death so that probate isn’t an issue. Thats not something I would personally do while living because ownership and control of the property then legally transfers to the trust and it’s beneficiary. And it just complicates taxes.

 

[Visbek]

Anyone have any advice to give for setting up a trust?

Hire a lawyer.

 

[Superfly]

Ok. Seems like everyone is saying the same thing - hire a lawyer. Damn. Was hoping to avoid the expense.

Thank yall.

 

[Napoleon]

Ok. Seems like everyone is saying the same thing - hire a lawyer. Damn. Was hoping to avoid the expense.

Thank yall.

Some attorneys do ‘interviews’ to ask what you want their services for. Sometimes you can get away with getting the legal advice you want free of charge in the initial consultation. Ask your question..their answer will determine if their services are required.

 

[Superfly]

Some attorneys do ‘interviews’ to ask what you want their services for. Sometimes you can get away with getting the legal advice you want free of charge in the initial consultation. Ask your question..their answer will determine if their services are required.

Ok thank you

 

[Hari Seldon]

Anyone have any advice to give for setting up a trust? Hump and I want to put our property and belongings in a trust, with my daughters.

I've read up on it, and understand the basics, but I'd like the advice of others, because from what I understand, once the property is placed in a trust, I no longer have it in my name, and that's scary. Feels like floating without a safety net.

I want to make sure that this is a good route to go before I talk to our real estate lawyer about setting one up.

For what purpose? Some kind of estate planning?

 

[Superfly]

For what purpose? Some kind of estate planning?

Yes.

 

[Lutherf]

Anyone have any advice to give for setting up a trust? Hump and I want to put our property and belongings in a trust, with my daughters.

I've read up on it, and understand the basics, but I'd like the advice of others, because from what I understand, once the property is placed in a trust, I no longer have it in my name, and that's scary. Feels like floating without a safety net.

I want to make sure that this is a good route to go before I talk to our real estate lawyer about setting one up.

I would offer advice but, as a Trump supporter, I don't want to be accused of mansplaining stuff so, sorry, I can't help.

 

[Hari Seldon]

I would offer advice but, as a Trump supporter, I don't want to be accused of mansplaining stuff so, sorry, I can't help.

What a douche of a post in the self help section. Play victim much.

 

[Superfly]

I would offer advice but, as a Trump supporter, I don't want to be accused of mansplaining stuff so, sorry, I can't help.

That’s ok. As a Harris supporter, you’d probably tell me bad information anyway.

 

[Lursa]

Anyone have any advice to give for setting up a trust? Hump and I want to put our property and belongings in a trust, with my daughters.

I've read up on it, and understand the basics, but I'd like the advice of others, because from what I understand, once the property is placed in a trust, I no longer have it in my name, and that's scary. Feels like floating without a safety net.

I want to make sure that this is a good route to go before I talk to our real estate lawyer about setting one up.

Contact a service called Legal Shield. The are an online subscription service, specific to your state and you choose the specific type of legal assistance you need. I may have recommended it to you a while ago. It's good for "administrative" and "contract" type law.

 

[Superfly]

Contact a service called Legal Shield. The are an online subscription service, specific to your state and you choose the specific type of legal assistance you need. I may have recommended it to you a while ago. It's good for "administrative" and "contract" type law.

You may have. Thank you so much.

 

[reflechissez]

You can direct in your will that your property is to become the property of a trust upon your death so that probate isn’t an issue. Thats not something I would personally do while living because ownership and control of the property then legally transfers to the trust and it’s beneficiary. And it just complicates taxes.

If you put your home in a revocable (living) trust, you are still the owner. The beneficiary has no control.

 

[Boots]

Anyone have any advice to give for setting up a trust? Hump and I want to put our property and belongings in a trust, with my daughters.

I've read up on it, and understand the basics, but I'd like the advice of others, because from what I understand, once the property is placed in a trust, I no longer have it in my name, and that's scary. Feels like floating without a safety net.

I want to make sure that this is a good route to go before I talk to our real estate lawyer about setting one up.

Definitely hire an attorney who specializes in wills and trusts. Not just a general practice attorney. You can contact your local county bar association and they can point you in the direction of an attorney that at least claims to do this kind of stuff. Remember the old adage that you get what you pay for. Buying an hour of an attorney's time is usually well worth it. The last thing you want to do is solicit free advice from online "friends". The second to last thing you want to do is fill out an online "one size fits all" form and think you are covered. Spend the money. It will be worth it, depending on what you are trying to accomplish. You wouldn't just try to figure out how to rewire and replumb your house using free advice online, unless you already had some experience there. People spend a significant amount of time and money to become lawyers. There is a reason for that.

 

[Minerva]

We set things up in a trust years ago.
My mother and stepfather had separate trusts with pour over wills. I was the trustee for both of them. It made things about as easy as they could be when it came time to wind down their estates.

It ran us about 3.5K to set the trust up. We got copies to give to each child (two) and a copy of our own. We also have it in a searchable PDF form as well that we can share with the kids.

Our house, cars, trailer, etc in all in the name of the trust, as is our bank account.
Retirement accounts are NOT to go into a trust.
You can name a trust as the beneficiary of an insurance policy.

Our trust contains the POA forms, pour over wills (for things that we may forget to put into the trust) medical wishes, etc.
It's not as difficult as it sounds, just find a law practice that specializes in this form of law, as the law changes pretty frequently.

 

[Minerva]

You can contact your local county bar association and they can point you in the direction of an attorney that at least claims to do this kind of stuff.

I will respectfully disagree based on my experience with the county bar in my area.

I had a legal dispute with a home builder that was refusing to take care of issues with a house I had purchased from him.
I contacted the local bar and explained in detail my situation and requested an attorney with experience in real estate/contract/warranty law.

I got the name of an attorney from them and went to their office. I had to pony up some money at the office, was told this fee went to the county bar for their referral system overhead.

I explained my situation and the attorney told me he does not handle any sort of law dealing with my situation. I asked why the hell I was referred to him. He said the county bar just refers the clients by rotation.

Found out later that this attorney was an ambulance chaser, one of the best in the state, but still an ambulance chaser.

I looked in the phone book for an attorney and found the perfect one. She had the issue all corrected to my satisfaction in about one week.

 

[Boots]

I will respectfully disagree based on my experience with the county bar in my area.

I had a legal dispute with a home builder that was refusing to take care of issues with a house I had purchased from him.
I contacted the local bar and explained in detail my situation and requested an attorney with experience in real estate/contract/warranty law.

I got the name of an attorney from them and went to their office. I had to pony up some money at the office, was told this fee went to the county bar for their referral system overhead.

I explained my situation and the attorney told me he does not handle any sort of law dealing with my situation. I asked why the hell I was referred to him. He said the county bar just refers the clients by rotation.

Found out later that this attorney was an ambulance chaser, one of the best in the state, but still an ambulance chaser.

I looked in the phone book for an attorney and found the perfect one. She had the issue all corrected to my satisfaction in about one week.

That may be the case in some smaller counties.

 

[Superfly]

If you put your home in a revocable (living) trust, you are still the owner. The beneficiary has no control.

Ok thanks.

 

[Superfly]

I will respectfully disagree based on my experience with the county bar in my area.

I had a legal dispute with a home builder that was refusing to take care of issues with a house I had purchased from him.
I contacted the local bar and explained in detail my situation and requested an attorney with experience in real estate/contract/warranty law.

I got the name of an attorney from them and went to their office. I had to pony up some money at the office, was told this fee went to the county bar for their referral system overhead.

I explained my situation and the attorney told me he does not handle any sort of law dealing with my situation. I asked why the hell I was referred to him. He said the county bar just refers the clients by rotation.

Found out later that this attorney was an ambulance chaser, one of the best in the state, but still an ambulance chaser.

I looked in the phone book for an attorney and found the perfect one. She had the issue all corrected to my satisfaction in about one week.

Yikes.

 

[Hamish Howl]

I would offer advice but, as a Trump supporter, I don't want to be accused of mansplaining stuff so, sorry, I can't help.

What the hell is wrong with you?

 

[Exquisitor]

What a douche of a post in the self help section. Play victim much.

Just think of the time you just spent in a douchebag.

Here' I'll clean you up a little bit (scrub, scrub, scrub).

 

[Minerva]

That may be the case in some smaller counties.

Population of my county then was 790,000.

 

[Boots]

Population of my county then was 790,000.

That's surprising that the Bar Association was so unsophisticated in its referrals. Sorry about that. But yes, you should always do your homework on attorneys. Sometimes it's not that transparent though.