what questions to ask for will and trust attorney

^{7 Questions Your Will and Trust Lawyer Should Ask You}

1. What is it you hope to accomplish in your estate plan? ...
2. Do you expect to remain in your current state of residence and do you have any real estate or second homes in another state? ...
3. Who should fill the roles of executor, trustees for each type of trust, guardian for minor children, and who will act as an agent under both a financial and ...
4. Who should be involved in the process and what’s best for you? ...
5. Have you completed the estate planning questionnaire and accurately recorded the types, values, owners, and beneficiaries of each type of asset? Again, this is a complicated process. ...
Do you have any special needs, drug or alcohol, or spending problems with any of the heirs? This one is often overlooked by clients and lawyers alike. ...
Do you understand and feel comfortable with the fees you will pay for the services?

Full Answer

What are the best questions to ask a lawyer?

Don’t hesitate to ask your attorney questions such as:

• What is the timeline of this process?
• What sort of paperwork must I have prepared for closing?
• What do I need to arrange with my bank/ mortgage lender?
• What available funds must I have in my bank account?

What questions should I Ask my Lawyer?

You seem to mainly want an acknowledgment and (presumably) an apology from your cousin. You should also explore with your therapist any other options you might have, including legal options.

What questions to ask a DUI lawyer?

Some relevant questions to ask include:

• Are you available to represent me?
• Will anybody else work on my case? If so, who else will work on my case? ...
• Will you be the one representing me in court or will someone else be there? If so, who else will represent me in court?
• Whom do I call with questions? ...
• How do you prefer to be contacted?
• Will I receive regular status updates? ...

What are good questions to ask a personal injury lawyer?

Here are the peer review rating systems that you should check out:

• The Martindale-Hubbell Bar Registry ( www.martindale.com) has peer review ratings of more than 1 million lawyers across the country. It publishes short biographies of these lawyers. ...
• The Best Lawyers in America. ...
• Superlawyers. ...

What questions should I ask when setting up a trust?

5 Important Questions to Ask When Forming A Trust– November 29, 2021 by Rachel RoanWhy do you need a trust?Who will the trust benefit?Who will administrate the trust, now and later?Which assets will fund the trust?What are the long-term tax consequences?

What do I need to know about trusts and wills?

Trusts may offer opportunities to minimize estate taxes. They can help you avoid probate, a sometimes-lengthy legal process associated with wills. Your beneficiaries generally have access to their inheritance at the time designated in the trust. Trusts can be expensive to set up, however.

What you should not include in your will?

Here are some items that you should never put in your Will:Business interests.Personal wishes and desires.Coverage for a beneficiary with special needs.Anything you don't want going through probate.Certain types of property.

Which is stronger a will or a trust?

Though both wills and trusts are legal documents to manage your estate, they are created under different laws. Trusts fall under contract law, and wills under testamentary law. Contract law is held to a stricter standard than testamentary law, which means that a living trust generally supersedes a will.

What are the negatives 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.

What assets Cannot be placed in a trust?

Assets That Can And Cannot Go Into Revocable TrustsReal estate. ... Financial accounts. ... Retirement accounts. ... Medical savings accounts. ... Life insurance. ... Questionable assets.

What things should be in your will?

What are the Most Important Things to Put in a Will?Personal Information. This should go without saying, but your will should include basic information about you to be official. ... Last Will and Testament Verbiage. ... Property and Assets. ... Beneficiaries. ... Executor. ... Guardianship. ... Signatures.

Does a will override a trust?

A. No. The trust is activated by the will on the death of the first spouse/partner, and not at the time of executing the Will. If you are both alive and in care, the trust would not initiated, hence the local authorities can target the property when assessing liability for care fees.

Who should be the executor of your will?

Who should I choose to be an executor? It could be a friend or family member. They don't have to be related to you but it should be someone that you feel you can trust and who is willing to take on the responsibility of the role. The people you choose can also inherit something from your will.

Who owns the property in a trust?

trusteesOne common misconception is that the assets in the trust fund are legally owned by the trust. In fact, a trust, unlike a company, cannot own assets and instead the trustees are the legal owners of the assets.

Should bank accounts be included in a living trust?

Some of your financial assets need to be owned by your trust and others need to name your trust as the beneficiary. With your day-to-day checking and savings accounts, I always recommend that you own those accounts in the name of your trust.

At what net worth do I need a trust?

Here's a good rule of thumb: If you have a net worth of at least $100,000 and have a substantial amount of assets in real estate, or have very specific instructions on how and when you want your estate to be distributed among your heirs after you die, then a trust could be for you.

What are the benefits of a will versus a trust?

1) What are the benefits of wills versus trusts? While most estate planning activity includes a discussion of a will, you may actually be better off establishing a trust. A trust allows you to shield your estate from the probate court, and also preserve some confidentiality.

What is the most important thing to do when planning an estate?

One of the most important aspects of estate planning is preserving the value of your assets. In doing so, you can ensure the most generous possible legacy for the people you love. There are a number of tax strategies that can be useful, including the selection of the right kind of trust. Ask your lawyer for guidance.

Can you put your life insurance in a trust?

Most of your assets can be put into a living trust, though there may be some exceptions, including life insurance and certain types of retirement accounts. Generally, you’ll want to place as many assets as you can into the trust. Again, ask your attorney for further insight.

What are the things to consider when planning an estate?

When building an estate plan, you may have a variety of concerns, including the following: Maintaining an orderly administration of assets while you are living. Ensuring that your heirs and loved ones receive your assets. Helping to reduce or avoid conflicts and confusion.

How to build an estate plan?

When building an estate plan, you may have a variety of concerns, including the following: 1 Maintaining an orderly administration of assets while you are living 2 Managing estate assets flexibly while you are living 3 Reviewing estates involving tenants in common or community property 4 Considering assets in multiple states 5 Examining small business assets 6 Naming your children’s legal guardian 7 Ensuring that your heirs and loved ones receive your assets 8 Helping to reduce or avoid conflicts and confusion 9 Minimizing legal expenses and taxes 10 Assessing wealth preservation

How can estate attorneys help with dementia?

Estate attorneys should help clients fiscally prepare for the possibility of disability or dementia by drawing up powers of attorney , healthcare directives, and living wills .

Why is it important to have an estate plan?

It's important to have a solid estate plan in place to ensure that your loved ones receive your assets without a hassle or undue delay after your death. There are many questions you should ask prospective estate-planning attorneys before hiring one to craft your estate plan. Above all, make sure you hire an attorney who demonstrates ...

Is an estate attorney a tax advisor?

While an estate attorney's expertise may overlap with these fields, they may not be a general tax expert or investment advisor. Give yourself enough time to gain a broader, big-picture perspective on your estate plan and the logistical practicalities of implementing it.

Can a lawyer draw up a will?

Although any lawyer can draw up a simple will for straightforward situations, such as naming the beneficiary of one's 401 (k), seasoned trust-and-estate lawyers can help navigate more complicated situations involving several trusts and multiple heirs. 1:21.

Do lawyers draw up trusts?

Some lawyers merely draw up estate-planning documents, while others also execute the associated trusts. It's generally more efficient to retain a lawyer in the latter category, who can ensure that the correct assets are transferred into the trust.

What is the difference between a living trust and a power of attorney?

Living trusts control all of your assets if you become incapacitated, but many attorneys still suggest that you draw up a power of attorney to make financial and medical decisions on your behalf. The power of attorney protects you as an individual whereas a living trust controls where your assets go when you pass.

What is an AB trust?

There are different types of trusts including an AB trust, revocable, and irrevocable trust. An AB trust is created by a married couple with the objective of minimizing estate taxes due to double-taxation.

Why do you need to ask your trust lawyer before signing anything?

Because it involves your assets in the event of your death, you need to ensure you know every detail for your trust. Here are eight questions you need to ask your trust lawyer before signing anything.

Can a trust override a will?

There are certain situations when a trust can override a will. This is usually in the case of an irrevocable living trust. If you give your house to the irrevocable trust, you give up your ownership of the home, meaning you cannot give it to someone in your will.

Can a trust be challenged?

Yes, a trust can be challenged just like a will. If for any reason the trust maker was mentally incompetent, forced, unduly influenced, or deceived when setting up the trust, then the contest can be successful.

What happens if assets are less than debts?

If the assets in the estate are less than the debts and tax obligations, those debts do not become the responsibility of the loved ones left behind. Unfortunately, many people do not understand this, and they end up paying off debts for which they have no financial or legal responsibility.

What to expect after a loved one dies?

The days and weeks following the death of a loved one can seem like a blur. The grieving process is difficult enough, but there will also be a funeral to plan, relatives to notify and financial issues to handle . Meeting with an estate attorney as soon as possible can ease your burden and make a difficult time easier to bear.

What happens if you don't open a probate estate?

If you fail to open a probate estate, you could be liable for taxes and other claims. Even if you do not think a probate estate is necessary, it is important to discuss your options with an experienced estate attorney.

What is the best way to protect assets after a loved one dies?

The best way to protect the assets is to open the estate right away.

How to contact an estate attorney in Arizona?

Call Arizona Estate Attorney Dave Weed at (480)426-8359 to discuss your case today.

What to do if you are unsure about your taxes?

If you are unsure about the tax situation, you should contact the person who handled returns for the deceased. They should have copies of past tax returns, and they should be up to speed on any outstanding audits, tax debts or other issues. The days and weeks following the death of a loved one can seem like a blur.

Do you have to check on your deceased loved one's tax return?

The IRS has an interest in the estate, and you should check the tax status of your deceased loved one as soon as possible. It is easy to forget about taxes when handling an estate, but the IRS will be there to remind you. If you are unsure about the tax situation, you should contact the person who handled returns for the deceased.