I really do not understand. My question came from a post from earlier this week and is hypothetical. I am in New York State. A person dies with $1M in brokerage with ToD. He has $2M in SEP accounts with named beneficiaries. He has $2k in baseball cards as his only other assets. So, there is no probate needed. However, in his final tax return he owes $30k in Federal tax and $6k in NYS tax. Where does that money come from? Does it get clawed back from the ToD? Who is responsible to take care of it? How about other debts and obligations of the decedent? If there is an Executor, what are his/her ..read more

If someone creates a dynasty trust in nevada for example lasting 300+ years, but then a few years later a new law comes out reducing it down to only 21 years, what happens? Will the old trust be grandfathered in and continue to last the original duration? submitted by /u/NaranjosHernin [visit reddit] [comments ..read more

In California, does a Successor Trustee under Probate or Trust law is REQUIRED to hire an an lawyer or attorney for an estate settlement, if so can you please direct me to that statue. Thank you. submitted by /u/Candid_Success1585 [visit reddit] [comments ..read more

I’ve been reviewing some recordings of deeds, conveyances, affidavits ….. related to now 3 linked trusts (passing generational property down the line to specifically a separate contribution in a living trust, now being closed up due to the last grantor’s death). And, notably, one sees a recording of a new trustee …accepting appointment of their new trusteeship, given a foundation from the trust document nominating/appointing them. The recording is made public, as is the death certificate of grantor#last, because of a local rule: if real property is involved upon successor-trustee appointments ..read more

This is a constant worry of mine; if something were to happen to me, my only relatives are abusive biological family that I have no contact with, and my worst nightmare is them having access to my body were I to unexpectedly pass. I am not married and have no siblings, and while I have friends, no one I can think of to name as POA. Also don’t have a lot of funds to my name, living paycheck to paycheck. I am in North Carolina. Is there a way to legally ensure that if I’m incapacitated or dead I’m simply treated as someone without any next of kin (ie. state makes medical decisions / takes custo ..read more

Has anyone done a POA in NYS without a lawyer? I came across this form on the state senate website. Is all I need just to copy and paste it into a Word document and print it out and notarize, or is there more to it and it is somehow a bad idea? Also, the form says that this is a statutory POA, but I saw elsewhere that all POAs in NY are durable by default unless you state otherwise in the POA document. Can someone confirm that this form would make a durable POA? https://www.nysenate.gov/legislation/laws/GOB/5-1513 submitted by /u/blueseahorse1 [visit reddit] [comments ..read more

My wife and I finally (after 3 years of putting it off because of trying to gather all the necessary info) got our will + trusts finished with an estate planner in IL. We received a huge binder of all the docs but feel like there's stuff we still need to do. Stuff like allocation of smaller items, distribution/securing online account credentials, etc. My question for you all is: once you get all the legal stuff taken care of, is there a list of things we should be doing beyond just sticking the binder in a safe space? Are there resources you all recommend or specific tasks or services we shou ..read more

Dad is 72yo, widower, and he wants to move to a different neighborhood. He's still plenty able to care for himself day to day, but he needs a change of scenery either way. House is worth about 350-400K and paid off and he would yield about 250 in gains for the sale. His will says his house will be bequeathed to his three kids equally. Assuming he wants to sell this house and buy another, would it be better for put all three kids on the deed as co-owners with him? Should it go into a trust instead? I'm looking for some ideas on paths forward so I can research. submitted by /u/Bobby_From_NJ [v ..read more

I own a few businesses and several pieces of real estate in Illinois but I am a legal resident of Iowa. Does it matter which state I have a trust created? I have a business partner in all businesses and real estate and that is where all of my income comes from, he is a resident of Illinois where all business and properties are. We both need to have a trusts created for our families. I was told by two estate attorneys that I should create the trust in the state in which I reside (Iowa), but if I want to have the business pay for the creation of the trust and do it in conjunction with my busine ..read more

i did not will and trust and put my house into it, but i never told my mortgage company, is that a big deal? submitted by /u/suzannepauline [visit reddit] [comments ..read more