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No , the trust is not in your name .a revocable trust is under your control and it is like being under your name as far as any protections . Revocable trusts have no protection from creditors or law suits . Only irrevocable trusts have that benefit.
llc's are a different discussion.
You are mistaken about revocable trusts. They offer no protection ever against law suits and if it does post the link because i am not aware of it ever doing that
Last edited by mathjak107; 08-15-2017 at 01:53 PM..
be careful with those trusts too . those revocable trusts do not protect a thing from creditors or law suits either if that is what you think
as we ran in to , the more paper work beyond just beneficiary you have the greater the chance for missing words or court issues .
nothing is better than just straight beneficiaries listed if you can do that . everything else broadens the chance something may not be quite right .
we already had 2 examples crop up in our life time where more complex documents presented problems . .
Last edited by mathjak107; 08-16-2017 at 03:24 AM..
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just spoke to fidelity . you cannot hold admiral shares under your fidelity account . i was thinking of transferring the shares but no good .
just spoke to fidelity . you cannot hold admiral shares under your fidelity account . i was thinking of transferring the shares but no good .
Fidelity might have to change their rules one of these days except they get nothing if they do. Maybe managed account where they get the amount per account size.
An attorney is not required for the executor. The executor submits a form to the court.
Depends on the state. For example Florida requires the administrator to hire an attorney to go through probate. You can do summary probate and probably avoid an attorney if the estate is under $75,000.
You are correct that estates can be settled in some states without hiring an attorney. In those states I would consider hiring an attorney for an hour or two to discuss what the executor should do and maybe at the end to review what the executor did. I do not like the fee being a % of the estate.
just spoke to fidelity . you cannot hold admiral shares under your fidelity account . i was thinking of transferring the shares but no good .
i found out that i can do a vfiax fund conversion to the etf voo and have it not a taxable event . you can then transfer the etf to fidelity . the etf and admiral have the same expense .
you cannot go the other way though and do etf to fund as that is not AN ACCEPTABLE CONVERSION .
my ex wife inherited a house and we were refinancing it . we were at the closing and the title company asked to see the will .
the will read "and to my child beth i leave my house and possessions . the title company stopped the closing and said the word "ONLY " AS IN ONLY CHILD" was missing .
we had to pay the bank attorney and title company attorney for the day and lost our interest rate.
we had to get affidavits from relatives and reschedule .
the 2nd issue was a monster . i will give you the cliff note version .
my wife's first husband who died had an inheritance coming when his mother died years after he did that was earmarked now to go to my wife .
probate court noticed that the attorney who did the paper work must not have been an estate attorney and he left a sentence out about what happens if the son predeceases his mother and father .
there were some estranged children from my wife's husbands first marriage specifically written out by name in the will .
well the court said that the intention was very clear that these kids get nothing , but with the sentence about predeceasing missing the judge said he cannot re-write history and add the missing words . the kids had to be notified there was a will and it was deemed defective .
bottom line we had a year long battle with them , we ended up giving them something despite the fact they were designated by name to get nothing and it cost a crap load of money in legal fees .
with this stuff there are no do overs . folks pull all kinds of canned forms off the internet on their own . bad move . nothing is a problem until it is a problem has never been truer than with this stuff and the courts .
when we did our own paper work , my wife and i found who we thought to be the best estate/elder care lawyer we could find .
any time you get involved with documents like poa , trusts and wills vs just beneficiaries on accounts you open the door for potential grief for your heirs .
nothing looked more simpler to us layman than these two documents that turned out to have issues . you never know how things will turn out once probate court gets them ..
Thanks for explaining.
Your first problem might be more common than you think. It is not the fault of probate but additional requirements the title company added. So yes you may need some documents from "probate" for a title company. Best to work this out in advance or find a new title company.
Your second problem does show the need for an experienced attorney. I would also say an experienced attorney in the state you reside in at your death. There can be small changes in the law that get missed by out of state attorneys.
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