Lawyers: Should your work get done when promised?

[Billy_J]

Yes SSI is an issue to be resolved. We are trying to get that for him. He may or may not get that now or may at some point after my death. And I was hoping there could be some mechanism where he could choose to not receive funds or just enough so as not to upset the apple cart...

Or could direct that the funds go to someone else. Maybe a "caregiver". And I am not sure as to the legality of that? I am asking the lawyer(s) as to things like this for advice... What can be done?

FYI the "charity" would be a large foundation like for a university endowment fund or the like. The only reason I would want them involved would be to have a dependable and trustworthy trustee and a trustee who understood investments and would make wise investment decisions - not churn the account, etc.

And they would not need to distribute funds directly, they could appoint someone to do so. I think that can work? And they could keep an "eye" on things.

I've heard too many horror stories of bank trust departments churning accounts down to nothing, etc. I don't want that!

Also my friend is young 20's. I am older 60's. So what I am concerned about is when he is in his 40's or 50's and there needs to be a new trustee appointed. I would trust a large university endowment fund to do that.

[Billy_J]

Originally Posted by cassy1

Did you actually "retain" these attorney's, or perhaps just have a consultation with them? If money has exchanged hands then you should have had your work, or at least a phone call back. Do these attorney's have office staff rather than trying to get through to the attorney a good "go between" is always the attorney's assistant.

If Wilson is saying this is a very difficult task than I would go to the bigger city and retain an attorney who is experienced in these matters. You would much rather pay a little more and have piece of mind that your work has been done correctly.

I have worked the majority of my life for attorney's and not one of the attorney's I have worked for would act in this manner.

I did not have any formal "retainer".

And thank you for the post. I've never had this problem with lawyers before, so I'm thinking it was just too complex for them. And like you say, head for the big city!

I did previously hire a big city lawyer for a complex will many years ago. She was a Berkeley graduate and wrote my will with incredible clarity. I don't know if she does trusts though. Would a lawyer recommend another lawyer? (I would pay for her time of course.)

[cassy1]

Do you have anyone that could refer you to someone experienced in this? You do realize that you can make several consultation appointments, for little or no fee, so you can "interview your attorney's". That being said I think my first phone call would be to the attorney who wrote your will, if this is too complex she will refer you to someone she feels can help you (at least all of the attorney's I have worked for do that). Wait and see if Wilson (who sounds like he just might be an attorney) will log in and comment. Good luck!

[Wilson513]

Originally Posted by Billy_J

Yes SSI is an issue to be resolved. We are trying to get that for him. He may or may not get that now or may at some point after my death. And I was hoping there could be some mechanism where he could choose to not receive funds or just enough so as not to upset the apple cart...

Nope, they have that one figured out already.

Or could direct that the funds go to someone else. Maybe a "caregiver". And I am not sure as to the legality of that? I am asking the lawyer(s) as to things like this for advice... What can be done?

If the "caregiver " has an obligation to support him - Nope. If not, your plan is at risk from all sorts of problems.

FYI the "charity" would be a large foundation like for a university endowment fund or the like. The only reason I would want them involved would be to have a dependable and trustworthy trustee and a trustee who understood investments and would make wise investment decisions - not churn the account, etc.

Sorry, Universities do not do any better than banks. Sometimes a lot worse.

And they would not need to distribute funds directly, they could appoint someone to do so. I think that can work? And they could keep an "eye" on things.

Either they have the powers of a trustee or they don't. I doubt you will get any university to be a trustee for your private trust.

I've heard too many horror stories of bank trust departments churning accounts down to nothing, etc. I don't want that!

Many banks (and everyone else) was way over invested in tech stocks before the bubble burst. The largest individually invested mutual fund lost over 60% of value.

Also my friend is young 20's. I am older 60's. So what I am concerned about is when he is in his 40's or 50's and there needs to be a new trustee appointed. I would trust a large university endowment fund to do that.

You can have the trustee name his own successor and so on.

[Billy_J]

Thank you SO much Wilson!

That gives me a starting point. Now at least I can ask for something which is legal/possible.