2006-08-25 06:45:47 · 6 answers · asked by TZ 2 in Business & Finance ➔ Personal Finance
Speak with a lawyer. You will need a lawyer to complete the legal documents, anyway.
2006-08-25 06:47:41 · answer #1 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
You will need to see an attorney to set up a living trust. There are many reasons to do so, not just fear of being sued, as someone else said. A living trust can help protect your assets for many reasons. It is a complex document and MUST be legally correct for it to be viable, so you need to make sure you have an attorney draw that document.
The requirements for what constitutes a legally binding Will vary widely from state to state. If you are going to consider drawing up your own Will (which I do not recommend - to make sure it is binding and enforceable, have an attorney do it) then you need to be competely certain that you know what format is required in your state.
If you are asking about a Living Will, that is an entirely different document, which states what your wishes are should you be in a persistent vegetative state.
2006-08-25 14:14:11 · answer #2 · answered by BarBQer 2 · 0⤊ 0⤋
If you have any sort of assets (ie house, property, business, etc) it is imperitive that you set a living trust. It will protect your assets in more ways than getting sued. The most important way is, when you die, which we all will, it will keep your assets out of probate and your family will not have to pay capital gains on the assets. In setting up a family trust, you can easily shift property and assts from one family member to another, as long as they are under the family trust. Being in business management, 10 out of 10 wealthy clients have their assets within a family trust to reduce liability and ensure that their families will have ;ess worries when they pass.
2006-08-25 14:10:06 · answer #3 · answered by Hugh Jafro 2 · 0⤊ 0⤋
The only reason to set up a trust is if there is a chance that you'll be getting sued in the future. Speak with an Estate Attorney.
2006-08-25 13:50:57 · answer #4 · answered by KL 5 · 0⤊ 0⤋
Just did it for a special needs child. Six pages long..........see a lawyer for this one. See a banker before you go to set up the account.
2006-08-28 02:32:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
http://www.nohasslebargains.com/loan/wills_online.html
Wills
Financial Services
2006-08-25 13:50:28 · answer #6 · answered by Anonymous · 0⤊ 0⤋