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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 24204
Experience:  14 yrs estate law, real estate. Wills/Trusts/Probate
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We are married in our 70s. We own several homes and have

Customer Question

We are married in our 70's. We own several homes and have a low 6 figure bank account.
Between us we have 8 children. We would like to set up some kind of trust arrangement whereby we would have total control of our assets until death and then leave what is remaining to a son who would administer a distribution to all the children or just designted children
Submitted: 1 year ago.
Category: Estate Law
Expert:  Barrister replied 1 year ago.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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I have read your comments but am not sure exactly what your legal question is that I can help with today...
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If you can post your legal question, I will be glad to try and help or get you to someone who can.

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Thanks
Barrister
Customer: replied 1 year ago.

i don't understand what you are saying. Can you tell me what i should do to accomplish. our objective ?

Expert:  Barrister replied 1 year ago.
Sorry for any confusion. In your initial post you just made some statements, but didn't really post a question so I wasn't nsure what you were asking.
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If you want to be able to control all your assets while living, but then avoid the time and expense of probate after you pass, then your best bet would be a Revocable Living Trust. This would allow you to place any assets into the Trust that would be under the control of the Trustee, who could be your son. You could put in directives that all the assets in the trust were to be used for your support and maintenance during your lives and then to be distributed to the named beneficiaries upon the surviving spouse's death. This would serve the dual purpose of avoiding probate as well as being completely confidential as trusts are not public documents like wills are.
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Since it would be revocable, you could modify or even cancel it at any time as long as one of the grantors (makers) was alive and legally competent. So if you changed your mind about something, it is as simple as sending a written signed notarized notice to the trustee of the change and it is effective.
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The cost is initially higher for a trust, likely $1500-$2000, but in the end if typically saves money as the assets don't have to go through a long drawn out probate case and pass directly to the beneficiaries. I would suggest contacting a couple local estate law attorneys and just asking them what their fee was for drafting a simple Revocable Living Trust and deeding the properties into the trust.
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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Barrister, Attorney
Category: Estate Law
Satisfied Customers: 24204
Experience: 14 yrs estate law, real estate. Wills/Trusts/Probate
Barrister and 9 other Estate Law Specialists are ready to help you
Expert:  Barrister replied 1 year ago.

Thanks so much for the positive rating and generous bonus, it is very much appreciated!

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It was my pleasure to work with you and help with your question. Please feel free to ask for me if you need help with anything in the future and I will do my level best to help or get you to someone who can.

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Barrister

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Barrister
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14 yrs estate law, real estate. Wills/Trusts/Probate