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09-20-2011, 06:24 AM
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#41
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,313
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Quote:
Originally Posted by calmloki
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.
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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.
__________________
Idleness is fatal only to the mediocre -- Albert Camus
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09-20-2011, 09:34 AM
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#42
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gone traveling
Join Date: Apr 2011
Posts: 3,375
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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.
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09-20-2011, 09:37 AM
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#43
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gone traveling
Join Date: Apr 2011
Posts: 3,375
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Quote:
Originally Posted by kaneohe
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.
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This is where the lawyer who wrote the DPOA can help. Banks don't want to hear from lawyers nor want any publicity.
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09-20-2011, 07:37 PM
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#44
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Full time employment: Posting here.
Join Date: Sep 2008
Location: Southeast USA
Posts: 548
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Quote:
Originally Posted by gerntz
This is where the lawyer who wrote the DPOA can help. Banks don't want to hear from lawyers nor want any publicity.
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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.
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09-20-2011, 08:49 PM
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#45
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Full time employment: Posting here.
Join Date: Sep 2008
Location: Southeast USA
Posts: 548
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09-21-2011, 06:09 AM
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#46
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,313
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Quote:
Originally Posted by JakeBrake
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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.
__________________
Idleness is fatal only to the mediocre -- Albert Camus
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