Will or a Trust
11-04-2009, 02:15 PM
#2
Senior Member
Join Date: Aug 2004
Location: Republic of West Florida
Posts: 17,695
Both? I recently did this and the will puts everything into a trust upon my death to be allocated as set forth in the trust (I have young children to consider). If the trust was set up now then I would have to donate everything to it and would have to file quarterly/annual tax returns, etc. Atleast that is the way the attorney explained it before he took my money. 
11-04-2009, 02:34 PM
#5
Senior Member
Join Date: Aug 2004
Location: Republic of West Florida
Posts: 17,695
Can't say, a friend of mine is an attorney and recommended another attorney who specialized in wealth management and wills/trust. Two meetings, preliminary drafts for review and a myriad of questions (which I would/may not have thought of) in addition to living wills and a few other odds and ends was $1000. Considering what I was asking for and his obvious expertise I thought that was reasonable.
11-04-2009, 02:35 PM
#7
Admirals Club 
Join Date: Sep 2005
Location: Tennessee
Posts: 2,009
Go to NOLO http://www.nolo.com/
They have a simple, low cost, legal solution.
I have used these folks publications including forming a 501c3 non profit corporation, a job that lawyers would charge thousands for.
They have a simple, low cost, legal solution.
I have used these folks publications including forming a 501c3 non profit corporation, a job that lawyers would charge thousands for.
11-04-2009, 03:12 PM
#8
Senior Member
Join Date: Feb 2003
Location: Jacksonville, Florida, US
Posts: 14,527
Originally Posted by bellsisland
Which one? I need to set one up and it seems the trust is the way to go to avoid having to have someone settle the deal later on.
But I am open to options?
But I am open to options?
The trust is a vehicle, the will is how you want that vehicle to work and be managed.
Also do not neglect a living will, and guardianship if you have children.
11-04-2009, 03:18 PM
#9
Senior Member
Join Date: Aug 2006
Location: Central Florida
Posts: 8,205
Originally Posted by bsmit24
Can't say, a friend of mine is an attorney and recommended another attorney who specialized in wealth management and wills/trust. Two meetings, preliminary drafts for review and a myriad of questions (which I would/may not have thought of) in addition to living wills and a few other odds and ends was $1000. Considering what I was asking for and his obvious expertise I thought that was reasonable.
The $1,000 bsmith paid was reasonable. It is obvious he felt he received good value. I'm sure they also drafted Living Wills and Health Care Surrogate documents as part of the process.
11-04-2009, 03:45 PM
#10
Member
Join Date: Nov 2009
Location: Wayzata, MN
Posts: 39
Originally Posted by Menzies
Actually you need both.
The trust is a vehicle, the will is how you want that vehicle to work and be managed.
Also do not neglect a living will, and guardianship if you have children.
The trust is a vehicle, the will is how you want that vehicle to work and be managed.
Also do not neglect a living will, and guardianship if you have children.
And, as Sprockets pointed out, you should involve an attorney who specializes in estate planning. I wouldn't rely on a boating forum as my sole source of knowledge....it's good to get direction from people you trust, but meet with a professional.
