I have a cousin, D. He wants to purchase small family (former) farm, shared amongst family members, including his mom. D said his financial advisor is suggesting some sort of trust deal (scheme?) I'm which D will "gift" everyone some money every year up to the value of the propwety, then family will put property in trust. I dunno, details extremely sketchy and my mother just trusts D completely. Mother also completely unsophisticated about finances. I said "well, I guess just hope you don't get audited." She started yelling at me about how I'm not a real estate lawyer and don't know anything ..read more

I previously lived in Washington, and my wife and I executed wills there. It contained a trust for our (then-only) child, in the event that we both died while he was a minor. That will contained an explicit Trust document as an article of the will; the trust document named trustees, etc. We have since moved to Ohio and now have a second child, so we decided it was worth updating our wills. The new wills don't contain an explicit trust document, but instead leaves the bequests to "<TRUSTEE>, as Trustee in trust, for the benefit of said beneficiary." It then goes on to state the "purpose ..read more

Aunt died in June 2022. My sisters and I were named as beneficiaries of her estate. (Specifically, we are to receive the proceeds from the sale of her home.) Sale of her home took place in June 2023 for approx $300k. Spoke to the executor and he said "everything is all wrapped up" and told us to contact Aunt's Estate Attorney. Have literally made dozens of phone calls to the attorney and sent a number of emails requesting information and a timeline as to when we can expect to receive the assets. Have never received an answer to any of our questions. Estate attorney in some instances has ignor ..read more

submitted by /u/AColdDayInJuly [visit reddit] [comments ..read more

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