11/15/2022. Hoping someone can give me some insight. My husband and I luckily got a Living Trust Aug 2021. 3. Bank accounts DIDNT UNFORTUNATELY make it to the Trust. Fast forward from the time my husband passed 2/10/2022.. our living Trust put those 3 accounts through probate. I paid him ALMOST $6k since his passing. I just got a BILL FOR $9k more that the lawyer says I owe. He called and clarified that I do owe that. Shocked. In a nut shell it will have cost me $14k to get the Letter of Testamentary letter from the judge. What I am trying to FIND is the form I signed for that and wondering when he told me that was going to be the cost to CLOSE PROBATE. Very unhappy. I have been watching Paul since February and I trust what you guys have to say. Oregon resident.
As our trustee passed away with a revocable trust, the assets and house were never put into the Trust. We put the house up for sale, and sold quickly. Prior to sale, our attorney went ahead opened probate and now a bank and creditors are taking proceeds of the house sale. Money is locked in escrow until we settle...Can anything be done at this point? Or did our attorney mess that up? He's busy and hard to get a hold of...Anyone? Happy to take discussion elsewhere..
How exactly do I fund my revocable living trust with gold and silver coins? Is there a form I can find online? I am guessing an inventory list and pictures. Thanks.
Ideally the trust would have been the purchaser of the items. Then you would have an invoice with a named owner. My trust has a provision that I can exercise via memorandum to keep any specific non-titled items in the trust (works in tandem with the pour over part of the Will). Otherwise the Trustee (not the Executor) can distribute other items that the pour over clause put into the Trust. It is the only exception to the spendthrift clause of the trust that forbids distribution of assets and principal until the then irrevocable trust ends. In that memo. I would list the coins as staying in the Trust. Obviously it only works on non-titled items. If I did not retitle a titled asset, that would trigger the hated probate.
Just for fun question. If I win the 1.9 billion dollar lottery, could I claim it in an estate and remain anonymous if I live in a state that doesn’t give us anonymous winnings? Also what kind of an estate would you recommend? A girl can dream.😂
I have a living trust which I’m happy with but want to change my health directive person. Do I need to file that revised form via an attorney to the courts? That’s the only piece of my trust I want to change. I follow all your videos so I really hope you can give me a cursory answer. Thank you!
Your trust owns assets. Your health directive is not an asset. If you want to change the trustee to manage your assets, if you need that, typically a lawyer does that.
I do not see a direct connection between a healthcare directive and a trust. The attorney on a healthcare directive serves more as a notary than legal adviser. The only people that saw mine were my primary physician (she filed it) and the person(s) that have my HIPAA authorization and my durable POA. The directives are not court documents unless someone questions my instructions or the people that I named to make decisions.
Hi Paul, I am a big fan, and have watched dozens of your great videos. I have a process question, which I have not seen addressed in your videos. We are currently engaged with an estate attorney, and we are being "pushed" to schedule a signing of draft wills and trust documents BEFORE we have reviewed or even seen the documents. We only paid them half their fee up front, so they seem anxious to collect the balance of their fee. We have engaged with estate attorneys before, both for ourselves and our parents, and this seems unusual to us. In fact, we did not sign or execute the last trust document drafted for us in 2016 because we felt it had provisions that did not "fit" our situation or wishes. Your thoughts on the proper review and revision process would be appreciated.
I was always under the impression that making my heirs beneficiaries of assets held with a financial institution was a preferred method than putting those assets in a will. I also seem to remember that you said in an earlier video it rarely is a good idea to put assets (IRA or not) held at a Financial institution such as Vanguard in a trust. I can see how having your other belongings such as real estate, personal vehicles and various items inventoried and put into a trust as they likely won't be forgotten by your survivors as a good idea. Is it still a good idea to keep financial assets set up to beneficiaries (and Vanguard set up a TOD for my non tax deferred accounts)? I discovered that having the beneficiaries set up as I do creates the potential for an outcome which I wouldn't want to happen. That is with each of my 2 daughters being primary beneficiaries with 50% each and their children named as secondary beneficiaries by name, the children of ones are named and set as 25% each for one set of which I doubt will have any more children although she's widowed and engaged to be married to a divorced man with children who live with their mother in another state. While the other is my biological daughter having 1 child as secondary beneficiary currently named at 50%. She has another baby expected in February at which time I thought that I would update the amounts to 25% each. I was told that if one of my daughters were to pass away after I have, that all of the assets would be distributed to the other leaving my grandchildren of the deceased daughter with nothing. There is also the possibility that if one passes away after I do, that the assets received by the survivor could wind up as part of her estate and possibly wind up being owned by her current husband whoever that might be at the time. This is certainly not what my intention is and since one daughter was never legally adopted, I think that (Per Serapes) would not be an option to keep the assets for each "in their bloodline". I wonder if there is a way to solve my concern short of having a specific trust which would spell out my intentions or if even a special trust is possible? Any input from you would be very much appreciated. Thank you for taking the time to read this.
If you just say, per stirpes, your daughter’s children (and not the husband) receive her portion if she has died. If you don’t say it, your other daughter gets it all. You have complicated it rather.
Also, the moment you pass, both living daughters are your heirs, and if one daughter passes before the distribution then that is where the secondary beneficiaries inherit, and not the surviving daughter.
@@2660mh Thanks for your input. I don't know if you had picked up the point I made of one daughter not being a legally adopted child. It was for this reason that I was told by a Vanguard Beneficiary representative that "Per Stripes" would not be a choice that would accomplish what my intention was. She is not technically in my bloodline although I have raised her as my own since she was 2 years old. I hoped that Paul had a work around or a logical way to solve the issue without making it too complicated. I don't know if the State of Residence matters for something like this, but I live in NY and always have while my Stepdaughter lives in GA with her fiance and 2 children 18 and 25. My biological daughter lives in CT with her husband and children (1.5 baby on the way).
@@MILGEO I’m a layperson but per stirpes is an easy way for the inheritance to stay in the family of the beneficiary, but, as I understand it, it has nothing to do with your biological descendants. Paul can clarify!
@@2660mh If what you're saying is accurate, then the Vanguard Rep gave me inaccurate info! It was her warning that made me NOT choose Per Stripes. I need to call them to adjust the Beneficiaries after the baby is born since an online update alone is not something that I have faith in. FYI, I'm from upstate NY!
Thank you!
You did a Great job of breaking this down!
Kids have done a bang-up job of saving the Earth with their parents wealth that they inherited
11/15/2022. Hoping someone can give me some insight. My husband and I luckily got a Living Trust Aug 2021. 3. Bank accounts DIDNT UNFORTUNATELY make it to the Trust. Fast forward from the time my husband passed 2/10/2022.. our living Trust put those 3 accounts through probate. I paid him ALMOST $6k since his passing. I just got a BILL FOR $9k more that the lawyer says I owe. He called and clarified that I do owe that. Shocked. In a nut shell it will have cost me $14k to get the Letter of Testamentary letter from the judge. What I am trying to FIND is the form I signed for that and wondering when he told me that was going to be the cost to CLOSE PROBATE. Very unhappy. I have been watching Paul since February and I trust what you guys have to say. Oregon resident.
Does anyone have any feedback for me?
How can I get a hold of you all directly?
As our trustee passed away with a revocable trust, the assets and house were never put into the Trust. We put the house up for sale, and sold quickly. Prior to sale, our attorney went ahead opened probate and now a bank and creditors are taking proceeds of the house sale. Money is locked in escrow until we settle...Can anything be done at this point? Or did our attorney mess that up? He's busy and hard to get a hold of...Anyone? Happy to take discussion elsewhere..
Does 'myadvocate' include digital locker?
Our lawyer wants us to have a will in addition to the trust. We are Is this really necessary? Could this cause any problems?
How exactly do I fund my revocable living trust with gold and silver coins? Is there a form I can find online? I am guessing an inventory list and pictures. Thanks.
Ideally the trust would have been the purchaser of the items. Then you would have an invoice with a named owner.
My trust has a provision that I can exercise via memorandum to keep any specific non-titled items in the trust (works in tandem with the pour over part of the Will). Otherwise the Trustee (not the Executor) can distribute other items that the pour over clause put into the Trust.
It is the only exception to the spendthrift clause of the trust that forbids distribution of assets and principal until the then irrevocable trust ends. In that memo. I would list the coins as staying in the Trust.
Obviously it only works on non-titled items. If I did not retitle a titled asset, that would trigger the hated probate.
@@michaelblazin4093 Thank you for sharing your wisdom.
Your website has no contact information for you. No links or anything. Have someone look at it.
Just for fun question. If I win the 1.9 billion dollar lottery, could I claim it in an estate and remain anonymous if I live in a state that doesn’t give us anonymous winnings? Also what kind of an estate would you recommend? A girl can dream.😂
Can I make a trust a co-owner of an account?
I have a living trust which I’m happy with but want to change my health directive person. Do I need to file that revised form via an attorney to the courts? That’s the only piece of my trust I want to change. I follow all your videos so I really hope you can give me a cursory answer. Thank you!
Your trust owns assets. Your health directive is not an asset. If you want to change the trustee to manage your assets, if you need that, typically a lawyer does that.
I do not see a direct connection between a healthcare directive and a trust. The attorney on a healthcare directive serves more as a notary than legal adviser. The only people that saw mine were my primary physician (she filed it) and the person(s) that have my HIPAA authorization and my durable POA. The directives are not court documents unless someone questions my instructions or the people that I named to make decisions.
Hi Paul, I am a big fan, and have watched dozens of your great videos. I have a process question, which I have not seen addressed in your videos. We are currently engaged with an estate attorney, and we are being "pushed" to schedule a signing of draft wills and trust documents BEFORE we have reviewed or even seen the documents. We only paid them half their fee up front, so they seem anxious to collect the balance of their fee. We have engaged with estate attorneys before, both for ourselves and our parents, and this seems unusual to us. In fact, we did not sign or execute the last trust document drafted for us in 2016 because we felt it had provisions that did not "fit" our situation or wishes. Your thoughts on the proper review and revision process would be appreciated.
Your audio is off friend.
I was always under the impression that making my heirs beneficiaries of assets held with a financial institution was a preferred method than putting those assets in a will. I also seem to remember that you said in an earlier video it rarely is a good idea to put assets (IRA or not) held at a Financial institution such as Vanguard in a trust. I can see how having your other belongings such as real estate, personal vehicles and various items inventoried and put into a trust as they likely won't be forgotten by your survivors as a good idea. Is it still a good idea to keep financial assets set up to beneficiaries (and Vanguard set up a TOD for my non tax deferred accounts)?
I discovered that having the beneficiaries set up as I do creates the potential for an outcome which I wouldn't want to happen. That is with each of my 2 daughters being primary beneficiaries with 50% each and their children named as secondary beneficiaries by name, the children of ones are named and set as 25% each for one set of which I doubt will have any more children although she's widowed and engaged to be married to a divorced man with children who live with their mother in another state. While the other is my biological daughter having 1 child as secondary beneficiary currently named at 50%. She has another baby expected in February at which time I thought that I would update the amounts to 25% each. I was told that if one of my daughters were to pass away after I have, that all of the assets would be distributed to the other leaving my grandchildren of the deceased daughter with nothing. There is also the possibility that if one passes away after I do, that the assets received by the survivor could wind up as part of her estate and possibly wind up being owned by her current husband whoever that might be at the time. This is certainly not what my intention is and since one daughter was never legally adopted, I think that (Per Serapes) would not be an option to keep the assets for each "in their bloodline". I wonder if there is a way to solve my concern short of having a specific trust which would spell out my intentions or if even a special trust is possible? Any input from you would be very much appreciated. Thank you for taking the time to read this.
If you just say, per stirpes, your daughter’s children (and not the husband) receive her portion if she has died. If you don’t say it, your other daughter gets it all. You have complicated it rather.
Also, the moment you pass, both living daughters are your heirs, and if one daughter passes before the distribution then that is where the secondary beneficiaries inherit, and not the surviving daughter.
@@2660mh Thanks for your input. I don't know if you had picked up the point I made of one daughter not being a legally adopted child. It was for this reason that I was told by a Vanguard Beneficiary representative that "Per Stripes" would not be a choice that would accomplish what my intention was. She is not technically in my bloodline although I have raised her as my own since she was 2 years old. I hoped that Paul had a work around or a logical way to solve the issue without making it too complicated. I don't know if the State of Residence matters for something like this, but I live in NY and always have while my Stepdaughter lives in GA with her fiance and 2 children 18 and 25. My biological daughter lives in CT with her husband and children (1.5 baby on the way).
@@MILGEO I’m a layperson but per stirpes is an easy way for the inheritance to stay in the family of the beneficiary, but, as I understand it, it has nothing to do with your biological descendants. Paul can clarify!
@@2660mh If what you're saying is accurate, then the Vanguard Rep gave me inaccurate info! It was her warning that made me NOT choose Per Stripes. I need to call them to adjust the Beneficiaries after the baby is born since an online update alone is not something that I have faith in. FYI, I'm from upstate NY!