Estate Law

Estate Law Questions? Ask an Estate Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Estate Law

We set up a family trust in 2011 with only $10 in it. I

Customer Question
beleive the only addition to...
We set up a family trust in 2011 with only $10 in it. I beleive the only addition to it was the insurance policy pay out. What is the point of having a trust if none of the assests are in it?
Submitted: 1 year ago.Category: Estate Law
Show More
Show Less
Ask Your Own Estate Law Question
Answered in 3 minutes by:
8/17/2016
Estate Lawyer: RayAnswers, Attorney replied 1 year ago
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 43,556
Experience: Texas lawyer for 30 years in Estate law
Verified

Hi and welcome to JA. Ray here to help you today.

There really isn't a point here.If you can change the beneficiaries of the life insurance you draw out the $10 and you have an unfunded trust.This amounts to closing it because it doesn't serve a purpose any longer.Change the beneficiaries to the insurance and then at that point draw out the funds and that is the end of the trust.

You are correct here it makes no sense.It is possible your needs changed and its time to close it out.

Ask Your Own Estate Law Question
Customer reply replied 1 year ago
Well I think my dad is hesitant to put his homes/ cars and other assets into the irrevocable trust but I am not sure when the time to do that is? Obviosly it would have to be done before he passes. Does it make sense to wait until one of my parents passes? I am just trying to figure out what his logic is on having a trust with nothing in it?
Estate Lawyer: RayAnswers, Attorney replied 1 year ago

Well it would protect it from creditors and medicaid.The down side is it is irrevocable.It doesn't hurt anything to leave it open here and decide whether to fund it.It is only as good as what is in it and if you want to end it assuming the insurance beneficiary can be changed you are correct it really doesn't serve a purpose.It is your call whether to terminate it by changing the beneficiary here.

Ask Your Own Estate Law Question
Customer reply replied 1 year ago
I do not wish to terminate I am just trying to understand the point of having the trust if there is nothing in it?
Customer reply replied 1 year ago
Is the insurance policies being in there a good enough reason?
How do I know what is in the trust, besides what is listed on the original paperwork?
Estate Lawyer: RayAnswers, Attorney replied 1 year ago

Yes it would be and there's the option to add the house and cars if you want.It would protect them from medicaid here if they require it at some point.Another reason to keep it around.It may come down to whether they live long enough to use it more.You would only know by what is titled in the name of the trust, such as a house or paid for car in the name of the Bob And Sue Smith trust.I would consider recording the trust in the deed records.They are frequently lost and this protects from that problem.You can record it for say $20 or so and never have to worry about it.

Thanks for the follow up.

Thanks again.

Ask Your Own Estate Law Question
Ask RayAnswers Your Own Question
RayAnswers
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 43,556
43,556 Satisfied Customers
Experience: Texas lawyer for 30 years in Estate law

RayAnswers is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

My husband has been driving me insane with questions regarding estate issues since his mother died. I'm not a lawyer! Thanks to JustAnswer, I was able to calm his concerns.

Loretta TIllinois

Thanks Adam!! - A very direct and understandable response - you have been a great help!

Happy CustomerEllicott City, MD

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

< Previous | Next >

Meet the Experts:

Thomas McJD

Thomas McJD

Attorney

3,170 satisfied customers

Wills, Trusts, Probate & other Estate Matters

Barrister

Barrister

Attorney

5,414 satisfied customers

17 yrs estate law, real estate. Wills/Trusts/Probate

RayAnswers

RayAnswers

Attorney

43,556 satisfied customers

Texas lawyer for 30 years in Estate law

Infolawyer

Infolawyer

Attorney

5,015 satisfied customers

Licensed attorney helping individuals and businesses.

Ely

Ely

Counselor at Law

1,839 satisfied customers

Fully licensed attorney in Texas in private practice.

RobertJDFL

RobertJDFL

Attorney

1,451 satisfied customers

Experienced in multiple areas of the law.

ScottyMacEsq

ScottyMacEsq

Attorney

1,162 satisfied customers

Licensed Texas General Practice Attorney

< Previous | Next >

Related Estate Law Questions
Need a sample on how to answer a application to determine
need a sample on how to answer a application to determine heirship, where my son name was left off an application that was filed by other children living in another state. My son needs to answer to ha… read more
RayAnswers
RayAnswers
Attorney
43,556 satisfied customers
My father passed away at the age of 53 in 2003 and he's was
My father passed away at the age of 53 in 2003 and he's was disabled and received social security disability. My mother is currently still living in their home. This month she received a letter from t… read more
Gerald, Esq
Gerald, Esq
Juris Doctor
3,040 satisfied customers
I am selling a home. The probate for my moms estate closed
I am selling a home. The probate for my moms estate closed over two years ago … read more
Barrister
Barrister
Attorney
Doctoral Degree
5,414 satisfied customers
Thank you for all your help. We were able to get my father's
Thank you for all your help. We were able to get my father's ashes. Do you think we can take my aunt to court for cremating my father without notifying his spouse and lying to the funeral director abo… read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
34,937 satisfied customers
The trustee of an irrevocable trust died. there is no new
The trustee of an irrevocable trust died. there is no new trustee. how do we get our benefits?… read more
RayAnswers
RayAnswers
Attorney
43,556 satisfied customers
I have medical legal papers for when my time comes, as well
I have medical legal papers for when my time comes, as well as a will for my estate. Can I change the name of helper and beneficiary with changing the name on the original papers> I realize there m… read more
RayAnswers
RayAnswers
Attorney
43,556 satisfied customers
Your Question...me replace stolen assets from Estate by
Your Question...me replace stolen assets from Estate by siblings. I the true, Legal Successor Trustee to Estate, Executor of Will. Researching ways to report criminal crimes. Thank you..… read more
Attyadvisor
Attyadvisor
Doctoral Degree
6,901 satisfied customers
My son was a delaware state trooper who was killed on 4 26
My son was a delaware state trooper who was killed on 4 26 17. Cpl Stephen Ballard. A trust fund was taken up by the public. But only was given to his wife. She refuse to share with his parents. Trust… read more
Marsha411JD
Marsha411JD
Doctoral Degree
20,100 satisfied customers
I have a Father that i am concerned may need to go into a
I have a Father that i am concerned may need to go into a nursing home in the future. I am considering selling his house( 120,000 owned free and clear)- he has 17,000 in a joint account with myself . … read more
LegalGems
LegalGems
Juris Doctorate
10,224 satisfied customers
How do I speak with a Probate Attorney for Bexar County, TX?
How do I speak with a Probate Attorney for Bexar County, TX? … read more
Expert James
Expert James
Doctoral Degree
11,542 satisfied customers
Because my parents are getting older and wish to stay in
Because my parents are getting older and wish to stay in their home, I would like to be there for them. I feel the best way to do that would be for me to purchase and live out of a trailer which I wou… read more
Edward Young
Edward Young
Juris Doctor
53 satisfied customers
My brother passed away about 4 1/2 years ago. Is there a
My brother passed away about 4 1/2 years ago. Is there a statute of limitations for the insurance companies to collect on his bill? He was single and there were no other people that co-sign as guarant… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Owner of revocable living trust dies. One sibling becomes
Owner of revocable living trust dies. One sibling becomes trustee/beneficiary, other sibling estranged at time of inception in 2004 and excluded. However comes back into the picture 2011 trust was not… read more
Barrister
Barrister
Attorney
Doctoral Degree
5,414 satisfied customers
The executrix of my aunt's estate sold the real estate and
The executrix of my aunt's estate sold the real estate and didn't inform the beneficiarys or make any payments as the will instructed. … read more
LegalGems
LegalGems
Juris Doctorate
10,224 satisfied customers
A primary beneficiary of an insurance policy cannot be
A primary beneficiary of an insurance policy cannot be located. The secondary beneficiary is known and would like to receive the proceeds from that policy. What is the form notification required in NV… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
How do I get access to my deceased relative's checking
How do I get access to my deceased relative's checking account if my name isn't on the account?… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
5,015 satisfied customers
My sons are beneficiaries of their Grandfathers Will but his
My sons are beneficiaries of their Grandfathers Will but his step daughter wrote that would get nothing the legL firm representing her said their was 10000 left in accounts and a couple of time shares… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
I'm a pro per litigant. I'm preparing a req. for documents.
I'm a pro per litigant. I'm preparing a req. for documents. How do I handle the standard request to produce the documents at the attorneys office? Can I remove it and only use the section that states … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,972 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x