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07.10.08, 17:51 PM General Topics
9 replies
Any lawyer moms on? Trying to decide if we need a last will or a living trust? Does anyone know what the differences are and what sort of assets would call for a trust over a regular will? [ Reply | Watch | Flag ]
General Topics 07.10.08, 05:51 PM Flag
 

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Trusts and wills are not mutually exclusive. You need a Will and a Trust may be recommended if there are assets that require further protection under the direction of a trustee. An example of this is a house left to several siblings and "gifted" over the years while the parents are still alive or a trust set up to protect a minor child within the structure of the will provisions. [ Reply | More
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General Topics 07.10.08, 05:55 PM Flag
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Maybe you mean a Living Will. Which you should do in addition to a will. A living will usually covers specific directives as to the course of treatment that is to be taken by caregivers, or, in particular, in some cases forbidding treatment and sometimes also food and water, should the principal be unable to give informed consent ("individual health care instruction") due to incapacity. [ Reply | More
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General Topics 07.10.08, 06:00 PM Flag
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[ Removed by moderator ] [ Reply | More
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General Topics 07.10.08, 06:01 PM Flag
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no, i'm not talking about a living will. i'm talking about a trust which doesn't have to go to probate plus a pour over will vs just a will [ Reply | More
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General Topics 07.10.08, 06:02 PM Flag
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we are young, 34, our dds are 3 and 1. we own our apt and have money in the bank etc. 401ks and insurance already have beneficiaries named. so, my question is do we just need a will so that we name a guardian and trustee or would it make sense to have a trust? [ Reply | More
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General Topics 07.10.08, 06:00 PM Flag
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you certainly need a will in which you would name a guardian of your dcs. If you have substantial assets you may or may not want a trust -- e.g., you can save on estate taxes if you have trusts set up. OTOH, you don't want everything flowing into a trust b/c your dcs (presumably) will need to have access to cash immediately, without having to go to trustee to get it. [ Reply | More
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General Topics 07.10.08, 06:12 PM Flag
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you always should have a will, it may or may not be advisable to set up a trust (e.g. we have most of our life insurance in a trust) -- trusts are generally not necessary if you don't have significant assets. In addition, you can have a revocable living trust -- this is where you put substantially all your assets in a trust, and then when you die, your will isn't probated (so estate can be distributed more quickly, w/lower cost) [ Reply | More
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General Topics 07.10.08, 06:09 PM Flag
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ok. so what does it mean to put your assets into a trust? the trust becomes the owner of the co-op? [ Reply | More
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General Topics 07.10.08, 06:12 PM Flag
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yes, the trust becomes the owner of pretty much everything you own -- it's a way to avoid probate, so long as you don't have more than $X (can't remember, maybe $20K) of assets outside the trust. can be a big PITA, honestly, but it can and does work in the right circumstances (that's why my father did, I was the executor of his estate, it made my life much easier and also I was able to distribute much of the estate in about 9 months after death) [ Reply | More
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General Topics 07.10.08, 06:27 PM Flag
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