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Old 07-27-2018, 12:17 PM   #21
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Originally Posted by kaneohe View Post
Can someone explain this? The only thing that comes to mind is that when
the trust was created there was a Sch. A or something that listed the initial assets to be put in the trust. The attorney requested that we send quarterly (?) updates to him on assets removed/added to the trust. A couple of years later he requested that we stop doing that.

I concluded that the updating became too much trouble if everybody did it regularly as requested. That raised the question: what puts an asset in the trust? Is it the fact that it is titled properly in the name of the trust at the institution that holds it? Or the fact that it is on the Schedule of Assets for the trust.....a supplemental part of the trust document?

What if it is titled properly but not on the formal Schedule of Assets for the trust? This would be common if Schedule of Assets was not updated formally.

One thought is that the Schedule of Assets was merely a way for someone to know what was in the trust. Other ways include an informal list of assets or someone accessing the mail that had paper statements. And is really necessary to list every asset with account number separately? I like Marko's
idea of "umbrella" accounts which just lists by financial institution instead of each individual account. In a retirement plan,you might just list the custodian and type account rather than the 8 different funds,for example.
I can see, kaneohe, that you could tell what I feel about this trust matter through yours and your attorney's own experience, right? So....I rest my case. lol!
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Old 07-27-2018, 12:37 PM   #22
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I donít really understand why all assets need to be listed in the trust, unless itís a state requirement.
I also find it unusual that your attorney would act as a trustee. My attorney told us that is a conflict of interest. However, we gave her authority to fire and hire a trustee if necessary. It will be a trust department of a financial company.
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Old 07-27-2018, 12:38 PM   #23
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MooreBonds, I'll answer between your paragraphs, ok?

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Originally Posted by MooreBonds View Post
Is it really that onerous to put in a few extra words when you open up a new account? How often do you do it? Also, if you simply keep a copy of the relevant sections handy to give to the institution (I think it's Section 1 and Section 8), it's not too onerous.

It's not just "a few extra words"! There's a whole lot more (you probably don't have a trust right?) I already explained it in several posts here.

The big advantage is you avoid probate. While probate isn't the greatest challenge, you have to legally retitle every single asset when you probate something, as you go through the courts, wait on judges, etc. It could cost you several % of your estate to probate it, versus spending AT MOST, what, maybe 3 hours total for the rest of your life to retitle a few accounts?
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spending AT MOST, what, maybe 3 hours total for the rest of your life to retitle a few accounts?
WHAT!!! I don't know what kinds of accounts you have that you'll retitle All in 3 hours for life I already explained in answering others that in order for me to live in peace my last years, I'm willing to give the charities a little less because of probate.

The whole reason you go through the process of making a RLT is (primarily) to avoid probate. You are at Mile 20 of a 26 mile marathon. Don't quit now and say "I'm too tired to finish this race. I'll instead do the 100 mile marathon tomorrow."

Good advice for a noble action on my part but....as too already explained, I have the right to live my few last years in peace without keep working so charities get all the money without lifting a finger.


Ultimately, it's your call - but if you would be bothered by a charity wasting several % of your estate, then why waste it in the courts through needless bureaucracy?
Quote:
Ultimately, it's your call
YES SIR!!! I never said to "be bothered by a charity wasting several % of your estate". On the contrary I said I won't mind (and they shouldn't either) that they'll get a little less after probate. Furthermore, I said I didn't want to make a POD OR TOD for an individual of a charity as I read from genuine sources how they cheat so that the charity doesn't get the money. Besides they don't allow these 2 means for charities. Also, I don't know why I'm answering all of this that has nothing to do with my original questions, especially this particular post......
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Old 07-27-2018, 12:54 PM   #24
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Originally Posted by gwraigty View Post
I know nothing about trusts, but I wouldn't continue to work with a lawyer who became "fiercely angry" with me. My "trust" in him/her would be gone.
Thanks, I feel exactly the same way, gwraigty, problem is this is the 2nd lawyer as my good lawyer of many years retired and moved out of state. So if I go to a third one, more competent, I will have paid 3 fees!!! So though I'm enraged and do want to change this one, I feel kind of ridiculous to pay a fortune for the 3 lawyers.....
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Old 07-27-2018, 01:05 PM   #25
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Originally Posted by Texas Proud View Post
It has been a long time since I have read info on trusts... but I will throw something out that was told to me a long time ago..
Quote:
If you plan on leaving all your assets to a charity and will not change that decision then most large charities will become trustee to a trust... IOW, it is in their interest to be trustee and wait till you pass to get the assets knowing they will get them instead of hoping you keep them in your will...
All I want to do is just tell them they've been designated as my beneficiaries as described in my Will. I don't want any other "trustees" in my life.
Quote:
You will have to discuss what kind of income or principal you can take out of the trust etc. and if it can be revoked or not... that is the lawyers job...
THIS, is my contention against the lawyer I chose, sigh... I've been working nonstop to find out the questions in the internet.

BTW, unless the lawyer gave me a really good explanation on why he was mad that made sense to ME instead of HIM I would drop him....
And yes, I'm on the pickle as I'd have to take time to search for a real competent atty. this time, start from scratch and pay for the 3rd atty. as my first one of many years and moved out.
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Old 07-27-2018, 01:07 PM   #26
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THANK YOU ALL FOR YOUR TIME AND ADVICE! BYE.... Rosedala
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Old 07-27-2018, 02:23 PM   #27
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Thanks, I feel exactly the same way, gwraigty, problem is this is the 2nd lawyer as my good lawyer of many years retired and moved out of state. So if I go to a third one, more competent, I will have paid 3 fees!!! So though I'm enraged and do want to change this one, I feel kind of ridiculous to pay a fortune for the 3 lawyers.....
Based on this thread http://www.early-retirement.org/foru...-do-90901.html you are already on at least your third attorney...
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Old 07-27-2018, 02:52 PM   #28
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Originally Posted by MooreBonds View Post
Is it really that onerous to put in a few extra words when you open up a new account? How often do you do it? Also, if you simply keep a copy of the relevant sections handy to give to the institution (I think it's Section 1 and Section 8), it's not too onerous.

The big advantage is you avoid probate. While probate isn't the greatest challenge, you have to legally retitle every single asset when you probate something, as you go through the courts, wait on judges, etc. It could cost you several % of your estate to probate it, versus spending AT MOST, what, maybe 3 hours total for the rest of your life to retitle a few accounts?

The whole reason you go through the process of making a RLT is (primarily) to avoid probate. You are at Mile 20 of a 26 mile marathon. Don't quit now and say "I'm too tired to finish this race. I'll instead do the 100 mile marathon tomorrow."

Ultimately, it's your call - but if you would be bothered by a charity wasting several % of your estate, then why waste it in the courts through needless bureaucracy?
Just a little humor here...as someone who has run quite a few marathons, the last 6 miles is more difficult than the first 20.
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Old 07-27-2018, 03:01 PM   #29
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Based on this thread http://www.early-retirement.org/foru...-do-90901.html you are already on at least your third attorney...
Correction my good man. I'm on a 2nd atty. The first of many years retired and moved out. So I got the present one.

May I ask what's your point here sir Goodbye.
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Old 07-27-2018, 06:01 PM   #30
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Correction my good man. I'm on a 2nd atty. The first of many years retired and moved out. So I got the present one.

May I ask what's your point here sir Goodbye.

I would not count your second as your second.... the first retired and that is expected from someone who is older... sounds like you picked well and had them for awhile...


Your 'second' seems not to be a good pick... chalk it up as a learning experience and move on... you probably now have more knowledge to ask your next potential attorney what you need to know... and hope he does not lie to you about how he does business...


Like any professional, if you have problems with them you should move on... too many out there to stay with someone who is bad... BTW, I am now on my 4th or 5th doc in the last 5 or 6 years... they seem to go in and out of insurance policies and groups and it is hard to keep one..


A couple were due to us changing policies twice and others changing what insurance they accept... two also quit and moved somewhere else...
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