Archive for Living Trust
What An Estate Planning Attorney Does (aka “Some Things I Did This Month”)
Posted by: | Comments1. Help two different clients get ready to sell a home through probate due to their family or friends who didn’t have a plan in place. Reviewed contracts, title searches, and met with brokers.
2. Work with at least half a dozen families to deal with assets after a loved one has died. Some have effective plans, some don’t. Some require court probate, some don’t.
3. Met with client to design a living trust plan that will smoothly prepare for disability and pass assets at death.
Read More→
Should you name your kids as Co-Trustees
Posted by: | CommentsShould I name my kids as co-trustees?
My clients often ask me if they should name their children as co-trustees. Should this be done in your living trust?
Answer: Naming your kids as co-trustees means that they must act together. If down the road they can’t agree or cooperate in making decisions then there is a deadlock. Absent some way of resolving a deadlock in the trust agreement, eventually this trust will end up in a court dispute between the two co-trustees. Examples of a dispute are where one child want to sell real estate and the other doesn’t. This often occurs where one of the children is still residing in the property.
The court may try to resolve the dispute between the two children, or alternatively may decide that the kids just can’t get along and appoint an independent third party to act as trustee.
Read More→
