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P. Simmons
P. Simmons, Attorney
Category: Estate Law
Satisfied Customers: 26321
Experience:  12+ yrs. of experience including estate law.
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Two questions: Can I set up a trust fund for my grandkids

Resolved Question:

Two questions:
Can I set up a trust fund for my grandkids myself or do I need an attorney?
How do I go about writing my own will?

Thank you
Rita Edery
Submitted: 1 year ago.
Category: Estate Law
Expert:  P. Simmons replied 1 year ago.
Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.

Trust law is quite complex. Trust law has been with us for hundreds of years...it originated in the 12 century under English common law. It was designed to help protect wealthy landowners property from taxes to the king at death. Over the years laws have changed to reduce the effectiveness of trusts (to allow the king to take more money on death of a person) and trusts have changed to circumvent the laws.

Today, trusts can be used for may purposes, including limiting taxes on transfer of wealth

But since trust law is complex, an attorney who specializes in trust law must be used to create a trust.


Wills are much more straightforward.

You can create a will with a product like this

http://www.nolo.com/legal-encyclopedia/delaware-make-will-31927.html

And do it yourself. Easy.

OR...if you have an attorney create a trust, they can typically add a will to the package for a nominal fee (the cost would be much less than the cost to create a trust)




Customer: replied 1 year ago.

Thank you for the response.


The trust is for my 2 grandkids who are 2 & 5 years old. We want each to have x amount of dollars (if any $ left over from my & my wife's estate) Presently We have 2 bank CD's which are POD to them.


Since they are minors we don't want their parents to have access to the funds. Would you be able to prepare a will & trust for us & how much would it cost?


 

Expert:  P. Simmons replied 1 year ago.
I am not permitted to create these documents for you. That would violate the terms of service of this website. I can not do this for you...but thank you for the offer.

You will want to have a local attorney create the trust for you.

Customer: replied 1 year ago.

Since we can do the will ourselves can we just add our monetary wishes in the will instead of creating a trust? What are the tax consequences? Does the will need to be notarized?

Expert:  P. Simmons replied 1 year ago.
Ahh...good question.

The short answer is that if you want to keep the money for the children and NOT allow parents to access the money? You are better off creating a trust.

But default, if you leave property via a will, the money will pass to the children, but the court will appoint the parent a trustee for the property (so the parent would have access to the property)

So you woud want to create a trust for the child if it is possible the money would pass while the child is still a minor.

Customer: replied 1 year ago.

Last question regarding the will. Can I hand write it myself & sign it instead of using the software ?

Expert:  P. Simmons replied 1 year ago.
Sure

The state of Delaware does not recognize holographic wills. A holographic will is one written in the testator's handwriting but not signed by any witness. Also oral wills are not recognized in Delaware.

So you will want to pay for the "kit" and use that (since it has the language needed in the will)
Customer: replied 1 year ago.

OK. I will purchase the kit. Just out of curiosity would a holographic will be valid if signed by a witness?


 


Thank you for your input . You answered my questions and provided the information I requested. This is the 2nd time I have used Just Answer and


was pleased with the results both times.


 


Could we request you if we need help in the future?

Expert:  P. Simmons replied 1 year ago.
Thank you. You can always request me. To request me simply put for psimmons In the question

You could write up your will by hand and have it witnessed. However, it may not need all the requirements of the probate statute. This is the reason it is worth purchasing the kit. The kit will contain all the language required by law.
P. Simmons, Attorney
Category: Estate Law
Satisfied Customers: 26321
Experience: 12+ yrs. of experience including estate law.
P. Simmons and 7 other Estate Law Specialists are ready to help you

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