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OT---Trusts

8

8N'r--WI

Member
From a Non-Attorney....as far as I know, a trust never needs to be filed with a court, even after your death.

There is no probate of trust assets and therefore no probate courts supervises the trustee, the person you name in the trust document to handle the distribution of the trust assets.

The trustee simply follows the instructions you wrote in the trust document, without getting permission or approval from the court.

Certain ASSETS, however, when transferred to a trust need to be recorded...like farm land...

A trust creates a very private transferance of assets......trust me.:>) Get a qualified attorney for all the answers...

Tim (not the expert, but work with a few who are)
 
You are sure right Tim. A trust takes a lot of the hard work out of the situation. However, per what I was mentioning below is that all assets may not be in the trust. In my case, my Aunt and Uncle had a half dozen IRA's, 3 different bank accounts, and misc insurance policies. (They had a little money, but were far from rich). Those types of things are what you need to know aside from the trust. Could be everything is called out in the Trust, which would certainl be great, but just in case....it could save a ton of time at a later date. BTDT (sorry, been there done that..) Otherwise, you are certainly very correct. Bob
 
A trust is the best way to go to transfer assets to children with little or no taxes.

A case in point a guy I used to know told me that his grandmother died and was worth 1 million bucks. Well......She did not have a trust only a Will. His mother had to write a check to the IRS for $390k, upon the grandmothers death. The check would have been almost nothing if the money was in a trust not a Will.
 
Typically you will need both a trust and a will, and both must be thought out very carefully.
As an attorney in West-central Illinois, I can't stress enough that you should have an attorney help you with this. I have had many a client come to me with defective trusts (and wills) that end up costing the family a fortune in time, money, and hard feelings with family members. The money people save with some of these on-line programs usually ends up costing far more in the long run.
 
When I obtained POA for my folks on top of a very thorough trust that already existed, atty added a "pour over will" which covered all the remaining "stuff" not named in trust, ie lawn mower, car, etc, so no fighting can occur. Small items but important and usually left out. Believe me, the topic of trusts may ignite a heated discussion on this forum, it has before. There are strong opinions out there some more informed than others. just sayin.
 
Are you 100% sure of that.
The guy that told me this was a finance planner and broker .

I sure would hate to find out later when my parents die in 10 years. And I get screwed out of $150k that goes to taxes. (I am talking about my own parents here)
 
Just make sure all assets are contained in the trust. My father-in-law put his farms together thru tax sales etc. After he passed, mother-in-law made a trust. A small acreage was left out, and when we went to sell the farm we had to take the small acreage thru probate. Pour over will didn't cover it. Oklahoma
 
Real estate has to be transferred to the trust at the recorders office when you set up your trust.

If your personal propert goes over 50K, it will have to go to probate.

Some investments and life insurance, don"t have to go through probate or a trust, if there is already an established beneficiary. However some lawyers would like it if they did. Lawyers may charge 7-10% on your total estate, but in some cases they shouldn"t charge for life insurance or real estate in the trust.

This is what the lawyer told me that set up my estate.

May or may not be correct, you get what you have paid for here.
George
 
I just went through that in TX. Attorney said for a straight forward piece of property and personal possessions, including any finances left over to be doled out, a will was less hassle even though it had to go through probate.

I did and it was a seamless process. I had my wife's will probated for $1000 including all preps and assisting me in the Judges chambers. Then I made a new will from a different Atty. and the bill was $200. Small town lawyers are cheaper and I probably could have gotten the probate for $500 or so.

My sister is a trust nut and took care of several family matters and she swears by it. Yes the trust bypasses probate. The trust was too complicated for me and too much definition which can be a problem as times and family change.....learned that on making wills containing trusts for the kids when they were toddlers. Didn't much apply on a 40 year old will.

Mark
 
i believe the only way his mom could have avoided the 390k federal deathtax payment, through a trust, would be to split the estate between the heirs, so no parts were over 600k(or whatever the limit is now days for fed deathtaxes). i hardly know what i'm talking about but i do know you better speak to a professional about your situation if federal taxes are in your future.
 
We put everything in a revocable trust a couple of years ago. Created two trusts, each spouse has an undivided half interest in the assets. Surviving spouse has control of the entire trust, which goes to the children after the death of the surviving spouse.

Yes, if the minor stuff of personal property, not in the trust, exceeds $50,000, it does go into probate court. So....just include all the little stuff so it does not exceed 50 grand. There were trust fees at the County, along with lawyer fees, total was about two grand, but simplifies the kids expense and issues.

Bottom line, without us doing the trust.....kids would lose big-time when settling the estate. We eliminated probate and much more for them. We also set up the trust so each of the kids has responsibilities in the settlement.
 
How would you not have a trust that has a will, a pour over will, a Power of Attorney.....etc? Agreed....the days of someone saying to a relative...."you"ll get the farm"....or, "a will is a waste of money", etc......those days are gone. And going "on-line"......to distribute a lifetime????? When we set up our trust, I went to 3 sources....our CPA, a certified Estate Advisor, and 2 trust attorneys in different companies.....all 3 gave us the same estate advice, to the letter. Had a 25 year history with one, 40+ with another, seminar experience with the other.

We are confident that we did the best for our family......I tell the kids......your hard work EARNED this estate that you will inherit! I was a hard taskmaster when they were growing up, but all six kids are very successful in their jobs, and deserve the share they worked for. The trust guarantees that for them.
 
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