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Will or a Trust

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Old 11-04-2009, 01:08 PM
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Default Will or a Trust

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?
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Old 11-04-2009, 01:15 PM
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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.
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Old 11-04-2009, 01:18 PM
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If I'm correct a trust is set up to avoid tax issues so it kind of depends on your networth.
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Old 11-04-2009, 01:27 PM
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Any reason not to use legalzoom.com to do it? Or do I really need an attorney?
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Old 11-04-2009, 01:34 PM
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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.
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Old 11-04-2009, 01:34 PM
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Originally Posted by bellsisland View Post
Any reason not to use legalzoom.com to do it? Or do I really need an attorney?
Yes and Yes.
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Old 11-04-2009, 01:35 PM
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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.

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Old 11-04-2009, 02:12 PM
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Originally Posted by bellsisland View Post
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?
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.
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Old 11-04-2009, 02:18 PM
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Originally Posted by bsmit24 View Post
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.
Unless your situation is very straight-forward you should involve an attorney who specializes in estate planning. There can be many issues to deal with in addition to taxes. Whether you need a trust, a will or multiple trusts depends on your situation. Without knowing your assets, family structure, etc. no one here can give you accurate advice. Second marriages, irresponsible kids and lawsuit exposure are some of the non-tax issues that can come into play. There is also the matter of naming guardians for minors, trustees to manage life insurance proceeds on their behalf, etc. There are a lot of issues to think about.

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.
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Old 11-04-2009, 02:45 PM
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Originally Posted by Menzies View Post
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.
+1 -- this is spot on. I will only add that you should also have a healthcare directive in the event you are hospitalized and are not able to make decisions on your own.

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.
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Old 11-04-2009, 04:30 PM
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1. Consult with an attorney.

2. Depends upon how much money is involved.

3. Depends upon if you have crazy (being polite here) family or others in your life.

4. Consult with an attorney.
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