what questions to ask an attorney about a trust after a death

The first question you should ask your attorney is whether or not a living trust is right for you and if so, what kind is necessary for your specific case? They will walk you through your options and help you figure out the best way to proceed. 2. Who should I appoint as my trustee?

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What questions should you ask an estate attorney after a death?

Questions to Ask an Estate Lawyer After Death The death of a loved one is always hard, but the difficulty of handling the estate can make an already difficult situation that much worse. Dealing with the complexities of the estate, closing the financial affairs of a deceased loved one and handling the taxes due can really put a strain on your ...

What happens to assets in a living trust after death?

May 19, 2021 · Here are the top 10 questions to ask an attorney about living trusts: 1. Do I need a living trust? The first question you should ask your attorney is whether or not a living trust is right for you and if so, what kind is necessary for your specific case? They will walk you through your options and help you figure out the best way to proceed.

Can a power of Attorney administer an estate after death?

Jul 08, 2015 · Questions to Ask Your Estate-Planning Attorney Questions to help you find an attorney you can trust with your estate plans ... documents take effect after a …

Do I need a trust?

10 Things to Know After the Death of a Loved One. Download PDF. A power of attorney is no longer valid. Many people believe that, as the power of attorney, they continue to have the power to administer an estate following the death of a loved one. This simply is not the case. A power of attorney is no longer valid after death.

How does a trust work after someone dies?

If a successor trustee is named in a trust, then that person would become the trustee upon the death of the current trustee. At that point, everything in the trust might be distributed and the trust itself terminated, or it might continue for a number of years.

What questions should I ask about a trust?

Questions to ask your parentsWhat were your intentions in creating this trust? Ask why this trust was set up. ... How do you think this trust will impact me? ... Who else has access to the trust? ... What is your relationship with the trustee and/or trust administrator? ... How will I work with the trustee and/or trust administrator?

What does an executor have to disclose to beneficiaries?

One of the Executor's duties is to inform all next of kin and beneficiaries of: The deceased's death; The appointment of themselves as an Executor/Administrator; Their inheritance – be it a specific item, cash sum or share of the estate.

How does a beneficiary get money from a trust?

There are three main ways for a beneficiary to receive an inheritance from a trust: Outright distributions. Staggered distributions. Discretionary distributions.

What are the disadvantages of a trust?

What are the Disadvantages of a Trust?Costs. When a decedent passes with only a will in place, the decedent's estate is subject to probate. ... Record Keeping. It is essential to maintain detailed records of property transferred into and out of a trust. ... No Protection from Creditors.Oct 23, 2020

What is the difference between a revocable and irrevocable trust?

Irrevocable Trust: An Overview. A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed at any time. An irrevocable trust describes a trust that cannot be modified after it is created without the beneficiaries' consent.

Can beneficiaries demand to see deceased bank statements?

Some times beneficiaries want to see more detailed documents such as a Deceased's bank statement or pension documentation. Strictly speaking a beneficiary has no entitlement as of right to such documentation and it is your discretion as Executor whether or not to disclose it. The nature of the beneficiary's interest.Jun 19, 2019

Do executors need to consult beneficiaries?

Executors have a duty to communicate with beneficiaries. If they are not doing so, you are entitled to take action. Schedule a free consultation with our probate lawyers to learn what you can do to enforce your rights as a beneficiary.Jul 26, 2021

Can an executor refuses to pay beneficiary?

If an executor/administrator is refusing to pay you your inheritance, you may have grounds to have them removed or replaced. However, there may very well be legitimate reasons for the delay. Particularly, during the ongoing Covid-19 crisis.May 18, 2020

How is money distributed from a trust?

To distribute real estate held by a trust to a beneficiary, the trustee will have to obtain a document known as a grant deed, which, if executed correctly and in accordance with state laws, transfers the title of the property from the trustee to the designated beneficiaries, who will become the new owners of the asset.Feb 19, 2021

What are the 3 types of trust?

While there are a number of different types of trusts, the basic types are revocable and irrevocable.Revocable Trusts. ... Irrevocable Trust. ... Asset Protection Trust. ... Charitable Trust. ... Constructive Trust. ... Special Needs Trust. ... Spendthrift Trust. ... Tax By-Pass Trust.More items...•Mar 18, 2020

Can a beneficiary withdraw money from a trust?

When executing their trust, settlors generally name themselves as the sole trustee and beneficiary while they are living; this allows them to exercise full control over the trust and its assets during their lifetime, as well as to withdraw trust funds as they see fit.Jul 20, 2021