My family lives in another state and I have no one in Texas I want to leave my property to. I want to set up a revocable living trust for my niece and nephew in Michigan. Who provides this service; a bank, an attorney, an insurance agent? Thanks for you time in answering.
2007-01-23 03:43:04 · 6 answers · asked by Sunny_1_ 3 in Business & Finance ➔ Personal Finance
A living trust may be appropriate for you. Start by looking at somw web information from Nolo press (they sell software and books to assist you in setting up your own living trust without an attorney ... and it will be legal in Texas with beneficiaries in Michigan or any other state).. Start with the FAQ at http://www.nolo.com/article.cfm/ObjectID/02B5FD86-BB5F-4F9C-88C5ED4A0D7F64BC/catID/FD1795A9-8049-422C-9087838F86A2BC2B/309/FAQ/
An article titled (with a podcast) "How do living trusts work" is also a good start: http://www.nolo.com/article.cfm/ObjectID/41DAC8CC-797B-480F-A97F82810AC55BC0/catID/9F594B71-B41B-4513-923BF19B4D9ACDAA/309/227/ART/
BUT - you might want to first check out this Texas attorney's website with info specific to Texas residents. http://www.willsandprobate.com/FAQ/living-trust.htm Obviously she is interested in being involved in your decisions - but this provides another viewpoint.
In general, the biggest issue with a living trust (after drafting and notarization / witnesses of signing) is retitling all of your investment accounts and real estate in the name of your trust. For example, currently your home is listed as Mr. James and Mrs. Jane Doe, Jt Tennents. After the Trust agreement is in place, you will retitle your property as the Doe Family Trust under trust dated 01/23/2007, James Doe and Jane Doe, Trustees. The retitling is critical - any accounts not retitled are NOT in the trust. (however, the will you create can "pour-over" any untitled assets into the trust after they go through probate)
2007-01-23 04:28:21 · answer #1 · answered by Del 2 · 0⤊ 0⤋
It doesn't matter where your heirs live, as your will must conform to the laws of the state where YOU live. You should contact an elder law or probate attorney--they are the ones who will draft a trust. Yes, revocable living trusts are legal in all 50 states and the most popular way of tax sheltering assets for when you pass on.
2007-01-23 11:46:16 · answer #2 · answered by surfinthedesert 5 · 0⤊ 0⤋
Get in touch with a real estate lawyer and simple explain to him / her what you want to do and of course they will inform you on how you should go about it and then also ask the about the legality of your intention in the state of texas.
2007-01-23 11:48:37 · answer #3 · answered by maria fkun 4 · 0⤊ 0⤋
your attorney. They will get all your paper work together. It will cost you but they will be able to work about all the legal entanglement's.
2007-01-23 11:47:30 · answer #4 · answered by *Aimzie* 3 · 0⤊ 0⤋
I think a lawyer would be a good place to start.
2007-01-23 11:46:14 · answer #5 · answered by Diarmid 3 · 0⤊ 0⤋
an attorney ( not a probate one)
2007-01-23 11:45:13 · answer #6 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋