Oh, and if you needs a Trust, it's even more vital to see an attorney. Not all attorneys draft Trusts. You need to confirm that the lawyer has expertise in the drafting of Trusts.
Helping a person draft a Will that you could potentially inherit from is a risky thing. It could be a problem. There are rules about holographic Wills. Don't take chances and then regret it when it's too late. It's worth the investment to have it done properly by an attorney.
well, I am going to go counter to the conventional wisdom, and say, no, you don't need a lawyer IF your assets are limited, you don't own a business, no 2nd homes, and there are no 2nd marriages, step-children, or disabled dependents. Or possibly other issues. Basically, if you are living in one home, have not many belongings or assets, and you have not much money in the bank (and it is all in one bank....), you probably can use the DIY trust, or even just a basic will. Best yet---leave everything to your favorite charity!
Yes. That's the best thing you could ever do! I had DPOA for my mom over a year now. My brother who lives in NJ (I'm in FL) has seen them once in 44 yrs tried to get her to revoke it. She said absolutely not. He then went to our attorney. I thought this was illegal???? My parents and I have since found another attorney and we did the living wills, DPOA, guardian, the transfer of their home, etc. All went well and I feel much better knowing that my brother cannot put them in a nursing home since they wish to stay together in their home as long as they can. Just be careful when picking one. As I stated, the first spoke to my brother and I feel she had no right to do that since I was the one that gave her over 1k and hired her.
Do you know why you want a trust for your mom? If you are working towards asset protection for Medicaid purposes, then I wouldn't just use any attorney, but an Elder Law Attorney who focuses on Estate Planning and Medicaid. Make sure you are very specific with the goals when you consult.
I have a friend who is an expert in Estate Planning and financial matters. He is very skeptical about the soundness of Trusts helping protect assets for people who are seeking Medicaid. He says it's quite risky to do that. Maybe, it depends on the state you are in. I would make sure you get competent legal advice in making those kind of decisions.
I assume that if you are considering a trust necessary, there are considerable assets. (Or the term 'trust' has been misused). If your Mom needs a trust, she needs an attorney.
If you go this route and present the will or trust documents after mom dies, you could find that the court will not accept them. That you cannot get Letters testamentary issued naming you as executor to do whatever in the will as will is not recognized as valid. If that happens, you will have to do a Lineal Heirship and you have to have an attorney do that (& if there are family conflicts doing lineal could be quite time consuming & costly).
Trusts have to be done just right. They really need speciality experienced legal.
I agree 100% with GardenArtist above. Do NOT tackle this yourself. One misplaced word could cause a nightmare later on.
In my early career I worked in a law office, and I would never ever draw up any legal documents myself. A Trust is a huge maze to travel, let an expert handle that.
Each State has different laws regarding estates/trusts and those laws are always in some type of change mode. I went to an Elder Law Attorney to draw up my Will, Revocable Trust, various POA's, Advance Medical Directive, Living Will, HIPPA, etc.
No lay person could possibly address all of the relevant issues of drafting estate planning documents, especially a trust. What kind of trust would you have? Revocable? Irrevocable? Do you know how to fund a trust? Do you know the specific language for conveyance of real property into a trust as well as the statutory reference addressing transfer tax? Do you know the purpose of a Bill of Sale for asset transfers? Can you figure out which assets would be subject to compressed rates? Do you know why IRAs should be considered differently than other assets?
This is not a job for someone w/o estate planning legal experience, and that includes me even with decades of legal experience. Despite how much I may think I know, there are always issues of importance that I was unaware of, because I haven't gone to law school or practiced as an attorney.
Do a lot of research to find a reputatable and experienced estate planning or elder law attorney (I prefer the broader estate planning practice).
Get an attorney!!!!!!!!! Every penny well spent! (Spend the extra for one that is recommended for estate planning.) There are many pitfalls, do not be tempted to do it yourself.
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I had DPOA for my mom over a year now. My brother who lives in NJ (I'm in FL) has seen them once in 44 yrs tried to get her to revoke it. She said absolutely not. He then went to our attorney. I thought this was illegal????
My parents and I have since found another attorney and we did the living wills, DPOA, guardian, the transfer of their home, etc. All went well and I feel much better knowing that my brother cannot put them in a nursing home since they wish to stay together in their home as long as they can. Just be careful when picking one. As I stated, the first spoke to my brother and I feel she had no right to do that since I was the one that gave her over 1k and hired her.
I have a friend who is an expert in Estate Planning and financial matters. He is very skeptical about the soundness of Trusts helping protect assets for people who are seeking Medicaid. He says it's quite risky to do that. Maybe, it depends on the state you are in. I would make sure you get competent legal advice in making those kind of decisions.
If you go this route and present the will or trust documents after mom dies, you could find that the court will not accept them. That you cannot get Letters testamentary issued naming you as executor to do whatever in the will as will is not recognized as valid. If that happens, you will have to do a Lineal Heirship and you have to have an attorney do that (& if there are family conflicts doing lineal could be quite time consuming & costly).
Trusts have to be done just right. They really need speciality experienced legal.
Pay now or pay later, either way you need legal.
In my early career I worked in a law office, and I would never ever draw up any legal documents myself. A Trust is a huge maze to travel, let an expert handle that.
Each State has different laws regarding estates/trusts and those laws are always in some type of change mode. I went to an Elder Law Attorney to draw up my Will, Revocable Trust, various POA's, Advance Medical Directive, Living Will, HIPPA, etc.
This is not a job for someone w/o estate planning legal experience, and that includes me even with decades of legal experience. Despite how much I may think I know, there are always issues of importance that I was unaware of, because I haven't gone to law school or practiced as an attorney.
Do a lot of research to find a reputatable and experienced estate planning or elder law attorney (I prefer the broader estate planning practice).