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Just out of curiosity, what is the "best" way to pass property on to multiple people. A trust consisting of 5 owners or do people put the property in 5 people's names? I agree that you should GTFO of a multi owner property deal and speak to a lawyer. My grandma left her house to all 5 children and they couldn't get the lazy fifth kid to move out and agree to sell for a while.
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Nov 15, 2022 22:23
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| # ¿ May 16, 2024 18:03 |
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Whatever state probate is in which I assume is Ohio.
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Nov 15, 2022 22:38
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Good firms and attorneys will absolutely tell you their hour rate or flat fee right away here in US.
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Dec 8, 2022 00:44
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Ok, finally made an appointment that I've been needing to make since 1998 in 3 weeks. Sitting through my govt agency retirement class finally motivated me to get my thumb out of my rear end.
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Jun 9, 2023 00:23
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Had our first meeting with the attorney. Man, I wish we had done this when we were first married. Thankfully our financial situation is pretty simple.
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Jul 26, 2023 18:28
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We had our second of three meetings last week. We have 1 kid and no house or businesses. No one we want to exclude if all 3 of us go. Our package also comes with the medical directives. So we got to talk about what to do if we're vegetables or have dementia. $3300 for 2 trusts (one for insurance and assets, one for 401k and IRA) plus all the medical stuff. Our only hiccup is we want vanguard to be co-trustee so there is someone keeping an eye on the executor and the executor won't have direct access to the money. Our lawyer didn't like that the trust would be in PA as we're in CA. He said he'd call vanguard and hopefully that works out.
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Sep 13, 2023 20:58
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I'll be honest, the issue of the need for a second trust was discussed at length at our first meeting. The lawyer was like "here is why you could need one, here is why you don't". But for the life of me, I can't remember why. If my wife and I go, there will be 3-4 mill of assets mostly in insurance payout and retirement savings. I saw the extra 1k as more piece of mind rather than a true need. Here's what I'm using for vanguard. https://investor.vanguard.com/advice/trust-services
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Sep 14, 2023 02:58
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Our two trusts were one for retirement funds and one for non retirement assets. We have no homes or business. The estate package was 2300 and the second trust was 1000. The lawyer is based in San Bernardino.
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Sep 16, 2023 12:57
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Mine had a big list of stuff with costs. That's pretty typical from what I found from shopping around. I have an attorney friend and went with the person they used. Most places give you a free consultation because I don't think there's a "one package" that fits everyone's situation.
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Sep 16, 2023 15:13
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It's actually liberating having an expert walk you through it. Also, the medical directives stuff is pretty important. It's ok to say "I don't know what my options are" and asking a lot of questions.
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Sep 16, 2023 16:57
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2 trusts and health care directives signed and official. Didnt realize I now have to switch all my bank accounts over to the name of the trust. I still have stuff to do, kinda wish I had the Megabucks to pay for or the follow up stuff like transferring accounts to the trust name. I guess 25 years late is still ok. I do feel relieved. Will feel totally done once I get all the new beneficiary forms done for my pensions, IRA and other accounts. Walked out of there with one big and one small 3 ring binder.
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Nov 21, 2023 05:31
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He gave me a list of things to do and that was on it. I only use USAA, navy federal and vanguard, so it's not going to be a huge pain or anything. Navy Federal was 1 exit away and she gave me a highlighted form to do. Told me to make a trust appointment which should only take 15 mins (I showed up at 4p).
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Nov 23, 2023 04:05
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Goons. Goons never change. "Go see a lawyer." "Thanks! I did and here's what he told me to do." "Why do you need to do that, that seems wrong." I love you all.
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Nov 24, 2023 19:38
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Oh yeah, my lawyer also said that my kid should sign a health care directive when she turns 18. That way the hospital will share info with us and we can make decisions without having to go a legal route. My wife has already said we can't do it on her birthday like I've done with her passport and some vaccines. (Awaits comments as to why I don't need to do that.)
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Nov 26, 2023 21:31
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Ours are "if I'm incapacitated, this person can make the call". Not like a POA so she can't make her own medical decisions when she's conscious. I fully expect we'll draft a new one or retract when she's no longer a dependant. Probably the same time we make her our primary executor.
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Nov 26, 2023 23:27
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| # ¿ May 16, 2024 18:03 |
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I don't know how to really respond. Our kid knows she gets everything. As gen X, a large part of our financial planning is to ensure our kid doesn't have to take care of us when we're old so she can have her own life. She will probably become our primary executor when she turns 25 or so. With respect to her health care, our state mandates she have alone time with her provider and we actively support it. We are planning on doing the same and having her meet alone with a lawyer. It just seems you jumped to the worst possible scenario than assuming a healthy relationship between us. I do appreciate the worst case scenario though and maybe should serve as a cautionary tale. I guess I didn't caveat my post because I assumed that people here who are doing estate planning are trying to make things easier for their family rather than include control.
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Nov 27, 2023 17:59
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