Revocable Living Trust
Technical Article Contributor
Joined: Jun 2002
Posts: 10,511
Likes: 10
From: Under the flightpath of old ORD 22R
I guess the question is what are you after ?
I have a revocable living trust, which contains a medical power of atty, and a DNR order, along with property titling.
Covers property and in the off case that I get turned into a veggie, I don't have to worry about someone leaving me on a machine for years on end. No aruging about who gets what, it is all spelled out clearly where everything is to go, and how I get disposed of.
If you are after generation skipping of assets, or want to divide assets between children, but have a second marriage case, and want to make sure assets don't go another direction ( step father if the children are dead after the transfer ), then it is a really a great thing for this.
If you are after making sure property and funds only go a certain way, you can also do this with the type of account title that is generated.
I used to live with a woman, and the house was titled Joint Ownership, sole survivor ( IL terms ). This made it so if one died, that person's family had no claim to any part of the house. With title change to get the same results, you need to be 100% sure of who you are doing this with, as it can open up a whole other can of worms, for items like bank accounts.
Best thing I will suggest, is to find out who is on the state trust board in your state, and go to one of those trust atty. This is the group that the trust atty in your state ask questions of, when putting together complicated trusts ) The one I used charged a flat $1,800.00 to setup the entire trust. MACs are a real reasonable $75.00 per change ( name removal ). He took the time ( about 3 hours ) to ask account / property questions, and all the medical items, and write it up in a 3 ring binder.
Now if something happens, there is a page that spells out what to do. No thought needed in an emotional charged time.
That and now I get to joke with my sister. I tell her " don't **** me off, all I need is a sharpie, and you are out of there"
Good luck
I have a revocable living trust, which contains a medical power of atty, and a DNR order, along with property titling.
Covers property and in the off case that I get turned into a veggie, I don't have to worry about someone leaving me on a machine for years on end. No aruging about who gets what, it is all spelled out clearly where everything is to go, and how I get disposed of.
If you are after generation skipping of assets, or want to divide assets between children, but have a second marriage case, and want to make sure assets don't go another direction ( step father if the children are dead after the transfer ), then it is a really a great thing for this.
If you are after making sure property and funds only go a certain way, you can also do this with the type of account title that is generated.
I used to live with a woman, and the house was titled Joint Ownership, sole survivor ( IL terms ). This made it so if one died, that person's family had no claim to any part of the house. With title change to get the same results, you need to be 100% sure of who you are doing this with, as it can open up a whole other can of worms, for items like bank accounts.
Best thing I will suggest, is to find out who is on the state trust board in your state, and go to one of those trust atty. This is the group that the trust atty in your state ask questions of, when putting together complicated trusts ) The one I used charged a flat $1,800.00 to setup the entire trust. MACs are a real reasonable $75.00 per change ( name removal ). He took the time ( about 3 hours ) to ask account / property questions, and all the medical items, and write it up in a 3 ring binder.
Now if something happens, there is a page that spells out what to do. No thought needed in an emotional charged time.
That and now I get to joke with my sister. I tell her " don't **** me off, all I need is a sharpie, and you are out of there"
Good luck