Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 09-20-2011, 07:24 AM   #41
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,634
Quote:
Originally Posted by calmloki View Post
When my Mom died someone told me as long as there were no problems; no bickering relatives; there were no trust police. If someone died and you passed out the assets of the deceased and nobody kicked up a fuss then there weren't going to be any repercussions.
All well and good but it doesn't make sure your assets are distributed as you would like them to be. And, if there is a contest the state's formula will be applied. Doesn't matter if that is what you would have done anyway but what if you are estranged from your living father and wanted all the booty to go to your wife? She might discover that you are funding pop's binge drinking or whatever.
__________________

__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-20-2011, 10:34 AM   #42
Thinks s/he gets paid by the post
 
Join Date: Apr 2011
Posts: 1,553
It took months longer and cost $1K to the lawyer to go thru probate & distribute the $20K of my Mom's estate that wasn't titled in her trust than it cost ($0) to distribute the other $100K+ that was in the trust. My DW had zero costs with her Dad's trust & distributions. My take is that trusts make it easier on those that have to deal with the estate and reduces costs except for the upfront ones. Me, I don't want to put extra effort on those that have to deal with my leftovers.
__________________

__________________
gerntz is offline   Reply With Quote
Old 09-20-2011, 10:37 AM   #43
Thinks s/he gets paid by the post
 
Join Date: Apr 2011
Posts: 1,553
Quote:
Originally Posted by kaneohe View Post
My experience is that often (usually/nearly always), the power of attorney
is not accepted by financial institutions who seem to want the POA on their own specific forms. If they accept the POA, they only seem to do it if the
person granting the POA fills out another form (forget the exact name of that form.......) which of course they would not be able to do if disabled.
I do not know if the trust experience would be any different.
This is where the lawyer who wrote the DPOA can help. Banks don't want to hear from lawyers nor want any publicity.
__________________
gerntz is offline   Reply With Quote
Old 09-20-2011, 08:37 PM   #44
Full time employment: Posting here.
JakeBrake's Avatar
 
Join Date: Sep 2008
Location: Southeast USA
Posts: 548
Quote:
Originally Posted by gerntz View Post
This is where the lawyer who wrote the DPOA can help. Banks don't want to hear from lawyers nor want any publicity.
No one is legally required to accept a DPOA. This is especially true for banks with offices full of lawyers. In any case a DPOA expires immediately when the person who granted the DPOA expires.
__________________
JakeBrake is offline   Reply With Quote
Old 09-20-2011, 09:49 PM   #45
Full time employment: Posting here.
JakeBrake's Avatar
 
Join Date: Sep 2008
Location: Southeast USA
Posts: 548
This is an interesting article about trust management.

Judge: Trustmark at fault | The Clarion-Ledger | clarionledger.com
__________________
JakeBrake is offline   Reply With Quote
Old 09-21-2011, 07:09 AM   #46
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,634
Quote:
Originally Posted by JakeBrake View Post
This is an interesting article about trust management.

Judge: Trustmark at fault | The Clarion-Ledger | clarionledger.com
Summary: gramps set up a trust allowing his two kids to use income from the trust for lifestyle and invade principle for only for emergencies. The bulk was to go to the grandkids when the kids die. Grandkid sued and won when the bank (trust manager) allowed mom took out $1.7M in six months to fund her lifestyle.

Sounds like gramps was wise to put the money in a trust and limit the lifestyle use.
__________________

__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Setting up a Living Trust - Advice, anyone? Seeking Hobbes FIRE and Money 31 07-12-2011 04:11 PM
Recommended references for first-time trustees? steelyman FIRE and Money 8 06-27-2011 03:28 PM

 

 
All times are GMT -6. The time now is 04:35 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.