Hi I'm 61 years old with 2 Children i whud like to leave the house to them in the future I read somewhere ones about this trust do you know much about it Thank you.
2007-02-20 06:29:49 · 5 answers · asked by Harry C 3 in Business & Finance ➔ Renting & Real Estate
Yes,
This is something you need a lawyer for.
My father & mother had a trust set up for their property. When mom passed I took over as co trustee with dad. In our family's case we needed to keep my sister OUT of any ability to get her hands on the property or any assets within the trust.
There are a lot of ways to set this up depending on your family's needs. To help avoid probate, and many other issues.
Speak to a lawyer who can set this up.
Caution, we had one lawyer (we didn't go with) who wanted to be retained to handle the proceedings (not as executer) but as the only attorney we could use. This was not good as he could have tied up the whole process, easily eating away at the small amount of money my parents had.
Make sure you have a will, living will, and health care proxy, and power of attorney.
These are very valueable at your age.(really at any age)
Luckily my father had these when he became sick 2 years ago and was unconsious for 3 months.
A trust like this is the best way to protect your assets.
Don't take this the wrong way, but make sure yur kids are going to be able to handle this correctly.
If this arem't set up right, many people become greedy when it comes to money.
This is why we had to make sure my sister was NOT involved or couldn't get anything.
We had this happen with my grand parents house and assets. My mom passed before her parents, that left just my uncle. When they passed.
My sister and I got nothing, while my uncle and cousins got it all. As soon as they became ill my uncle was there getting them to change their will and give him the house before they died, so when they did he had the house. I don't want to seem bitter about my grandparents assets, to me it's only money, it's more of the principle of the thing than the money. Don't get me wrong I would have loved to get something. But what am I going to do. It's not worth it. At least I can go to sleep at night with a clean conceince.
2007-02-20 06:50:06 · answer #1 · answered by alanpks4 4 · 0⤊ 0⤋
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2016-11-24 20:29:16 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Yes, there are some financial firms which can be useful for you. To get more information for property protection trust, you can visit " How to keep it in the family " website.
2014-01-20 22:42:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I used to work for an estate planner and I believe what you are thinking about is called a Qualified Personal Residency Trust. Contact naela.org and ask for a referral in your area.
2007-02-20 06:47:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you can set up any trustsand clearly state it terms then it is protected from any undesired elements
2007-02-20 06:33:30 · answer #5 · answered by Anonymous · 0⤊ 0⤋