What's the right way to setup a trust and/or best way to handle this?

[dabuddha]

So my divorce is almost over. I need to change the beneficiaries for my retirement/life insurance from the ex. My brother in law suggested I setup a revocable living trust with my children as the beneficiaries of the trust and that I can designate a trustee to manage the trust if I croak. Is that the best way to handle this or are there other tools to manage this sort of thing?

 

[BD231]

Nope

 

[Charmonium]

I think that's the advice that's generally given since it allows your heirs to avoid probate.

You'll need a lawyer though since trusts and estates is a pretty specialized area of law and there are certain rules you'll need to follow. For example some states prohibit the beneficiary and trustee from being the same person.

https://law.freeadvice.com/estate_planning/trusts/trustee_trust_beneficiary.htm

 

[s0me0nesmind1]

Yeah, there is a good way to handle this......

......
.....

...

.....


dotdotdot


It's called a fucking attorney, derp.

 

[John Connor]

You need a lawyer, yo. I have sought the help of that free advice help site before, but they're limited at what they can tell you. You should know that a forum full of noobs can't help you in the least.

 

[tynopik]

I'll be happy to set it up and be the trustee for you buddy

 

[dabuddha]

I think that's the advice that's generally given since it allows your heirs to avoid probate.

You'll need a lawyer though since trusts and estates is a pretty specialized area of law and there are certain rules you'll need to follow. For example some states prohibit the beneficiary and trustee from being the same person.

https://law.freeadvice.com/estate_planning/trusts/trustee_trust_beneficiary.htm

I'll look for one thanks.

Yeah, there is a good way to handle this......

......
.....

...

.....


dotdotdot


It's called a fucking attorney, derp.

After paying for an attorney that's costing me $400+/hr (and still paying), I was hoping to do this cheaply :/

You need a lawyer, yo. I have sought the help of that free advice help site before, but they're limited at what they can tell you. You should know that a forum full of noobs can't help you in the least.

You're probably right. I was just trying to save money anyway I can

I'll be happy to set it up and be the trustee for you buddy

LOL

 

[NetWareHead]

I think that's the advice that's generally given since it allows your heirs to avoid probate.

You'll need a lawyer though since trusts and estates is a pretty specialized area of law and there are certain rules you'll need to follow. For example some states prohibit the beneficiary and trustee from being the same person.

https://law.freeadvice.com/estate_planning/trusts/trustee_trust_beneficiary.htm

Bolded for truth. You can ensure your estate is bequeathed to exactly as you specify. Wills can be contested and thats why we have probate courts.

 

[Thump553]

Bolded for truth. You can ensure your estate is bequeathed to exactly as you specify. Wills can be contested and thats why we have probate courts.

It would take a truly naive person to think that trusts can't be contested.

In real life it is extremely hard to win a will contest. And they are only a very minor portion of what probate courts do. I'm coming up on forty years of practice and have only been involved in one will contest-and that was primarily driven by emotions, not facts. BTW probate court has valuable aspects. One case I had the nursing home gave a refund of the deposit shortly after death. Years later they purportedly recalculated the bill, claimed there was thousands due them (together with years of interest). Since the estate was properly probated they were SOL when I told them to go pound sand..

I've made a lot of billable hours in the past straightening out dumb ass amateur estate planning (or trying to), especially that of the living trust variety. One client actually bought their living trust plan from someone who had a booth set up at a tag sale.

But back to original point, get the advice of a competent local attorney. If not your divorce attorney, ask around.

 

[Sho'Nuff]

So my divorce is almost over. I need to change the beneficiaries for my retirement/life insurance from the ex. My brother in law suggested I setup a revocable living trust with my children as the beneficiaries of the trust and that I can designate a trustee to manage the trust if I croak. Is that the best way to handle this or are there other tools to manage this sort of thing?

<--------- lawyer. PM me and let me know what state your in. If you are in the Northeast or Florida I can recommend a few really good estate planning attorneys.

You probably don't want your divorce attorney handling your estate planning. There is a reason us legal types specialize.

 

[BoomerD]

<--------- lawyer. PM me and let me know what state your in. If you are in the Northeast or Florida I can recommend a few really good estate planning attorneys.

You probably don't want your divorce attorney handling your estate planning. There is a reason us legal types specialize.

For the same reason doctors specialize...so you can charge more?

 

[tynopik]

After paying for an attorney that's costing me $400+/hr (and still paying), I was hoping to do this cheaply :/

get over it, this isn't something you want to dick around with, get it done right

 

[Sho'Nuff]

For the same reason doctors specialize...so you can charge more?

That may be the best er . . . one of the reasons, but the shittiest er.... best reason is because it allows me to serve you better.

PS - that piece of advice will cost you $30 ($500/hr * 0.06 (we only bill in 6 minute increments)). Invoice payment term is net 30 days. 18% per month interest for late accounts.