My FIL has passed and my husband is the successor trustee. We’d planned on getting a trust attorney to handle the trust paperwork and such. I’ve heard it can take some months to get it all done. His brother, however, thinks they should do it themselves. My gut feeling is we’re in for a lot of work and time we don’t have. I need some feedback on how long it took for you to get trusts settled, how involved was it to do yourselves, did you find it was better to retain an attorney? Thanks in advance.
But ifs a more a single source “trust” - like a house - just where is the $ coming from to maintain it? It seems that often elders are sold the concept of placing assets in a trust with SS or retirement income used to support trust costs, then they die and pffft no $ to even pay taxes. So how long till it defunds? These type of so called trusts need to get defunded ASAP imo. Unless your very savvy at the courthouse, not a DIY.
And if there’s anything that was inadvertently left out of the “trust”, probate will need to be opened. This is VERY important. There’s a poster on AC whose dad left assets out.... so probate needed. Again unless your savvy at the courthouse, not a DIY.
Really I’d suggest you contact the law firm that did the trust to get a consultation as to defund & do distribution properly and let them do it. Time to wrap everything up totally interdependent on what the trust assets are. Good luck with that BIL too.
I find that any time money and families are involved that it's best to get professionals involved. I'm a CPA and I asked my sister to have my mother's CPA do her taxes and we hired a lawyer to guide us through probate. It cost some money, but we have a brother and his wife who are good people but entitled thinkers.
SIL wanted my mother's house deed re-titled after mom's death before any disposition discussed to "protect my brother's interests". From me and my sis?? Professionals are not involved in the fray when (not if) problems arise. And with money they ALWAYS do.