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Wills and Trusts

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  • 3Princes 07-15-08 | 09:16 AM

  •  

    The attorney didn't charge us anything extra when we spoke, although he was also my attorney in another matter (an estate.) He's very small-town, but he didn't charge anything extra. The way ours works is everything goes to eachother unless we both die in which case everything goes into a trust fund where 1/3 is released at age 18 and 2/3 is released at age 21. oR something like that---
  • 3Princes 07-15-08 | 09:18 AM
  • Are you saying we have nothing good to pass down which is why its so cheap???
     


    Probably true!

    DH and I used to say that gettign a divorce would be easy since it's not hard to split up nothing 2 ways!

    Of course that's not so much true anymore....
  • Dopey406 Dopey406's Avatar 07-15-08 | 09:26 AM
  • Our close friend is a former estate planner so he did all of our stuff for free!!
     


    We "bartered" services--I wallpapered their nursery and he set up our stuff for free!!!
     
    And yes, it's a major PITA to pick guardians, custodians, executors, POAs, etc. I HATE thinking about that possibility!!
  • savannah33 savannah33's Avatar 07-15-08 | 09:26 AM

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    NO way.

    Ours is basically that if one of us die everything goes to each other except to avoid big taxes we have the trust set up so that it's only put there quarterly instead of one big sum and 1/3 goes into my personal trust (or his if I die first) and the other 2/3 goes into a *family trust* which is for the kids basically but I have sole rights to do as I see fit until the kids are 25 when they will get 1/3 of the money and assets, the remaining 2/3 they get at 35. BUT they get interest and stuff and their college is paid for 100% out of the trust and expenses. Plus the guradian if we both die is in charge of this trust but has to file annual reports and cannot pull personal funds from it but is paid an annual amount for managing it and taking care of the kids. It's just complicated.

    We own a bunch of property which really makes it interesting.
  • 3Princes 07-15-08 | 09:28 AM
  • Hmm.. the way ours worked is everything goes into one big fund but the guardian has to petition for funds every time she wants something.

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