Alex Does a lawyer set up a trust?
It is very important that the trust deed or will is drafted by a solicitor. The appointor: Many, but not all, trusts also have an appointor. The appointor is very important as they have the power to appoint and remove the trustee.
Who is the trustee of my dad’s estate?
My dad left behind four adult children and his wife, our stepmother. He also — bless him — left behind what at the outset appears to be competently produced estate-planning documents: a will and a revocable trust. A bank is serving as the trustee, with a law firm representing the bank.
Who is serving as the trustee for an inheritance?
A bank is serving as the trustee, with a law firm representing the bank. So far, everything seems to be in order. That doesn’t make it simple. Last year, I wrote a piece for SavingsAccounts.com covering what to do with an inheritance.
Can a Texas Attorney help with a Florida estate?
Additionally, the estate laws vary from state to state, so an attorney in Texas probably won’t have expertise in Florida law. One lawyer I spoke with offered to help in the short term but indicated she’d refer me to a Florida attorney pretty quickly. “You Want Me to Sign, What Now?”
Do you need an attorney to manage a trust?
Most successor trustees use an attorney to help with trust administration. Usually the attorney then makes sure they do most of the work. It is not uncommon for an attorney to charge upwards of 1 percent of the net estate value for this service.
Who is the legal owner of a trust?
The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust.
What should I do if my parents are in a trust?
You should seek appropriate guidance for the state in which your parent resided and where the trust administration occurs. Make a list of your parents’ assets, debts, expenses and ongoing bills. Note on your list if the assets are titled in the name of the trust or in the sole name of one or both of your parents.
My dad left behind four adult children and his wife, our stepmother. He also — bless him — left behind what at the outset appears to be competently produced estate-planning documents: a will and a revocable trust. A bank is serving as the trustee, with a law firm representing the bank.