Trusts

Questions & Answers

• Question - Can all children see their parents' living trust?

  People who make living trusts are free to keep their contents secret. But there may be ways you can air out hurt feelings over that.

• Question - What is the difference between a will and a trust?

  Both wills and trusts do the deed of passing on title to property at death, but they go about it slightly differently.

• Question - Is it better to leave my property by will or living trust?

  First evaluate the property you own that may pass to others automatically at your death; then look at the pros and cons of wills and living trusts.

• Question - If you receive money from an estate in trust for another individual, who pays the income tax on it?

  Hiring a professional for help with figuring tax rates and exemptions for trust income may be money well spent.

• Question - What can I do to get my money from a trust fund?

  You may have to take legal action to get a stubborn trustee to live up to his or her duties.

• Question - How do we preserve my deceased father's estate when my mother remarries?

  To find out whether you are slated to get family property when your mother remarries, you have to look at the underlying estate plan.

• Question - Is there such a thing as an irrevocable maintenance trust fund?

  Irrevocable trusts are forever. But how the trust property is distributed is a matter of form and format.

• Question - Do we need to inform the first attorney that we wrote a new will with another attorney?

  When hiring different attorneys to prepare your estate plan, it can buy you some peace of mind to make doubly sure that your documents don't conflict.

• Question - How can I set up a trust account in a bank for my granddaughter?

  What kind of trust account should I set up for my grandchild? You could set up a simple trust like a Totten or you could have a lawyer write a trust.

• Question - What are the benefits of putting a home in a revocable trust?

  There are several possible benefits to putting a home in trust; protecting it from Medicaid rules is not one of them.

• Question - What documentation do I need to enable the companies to discuss her accounts with me?

  This question has been answered by a Caring.com Expert

• Question - As trustee for my parents' living trust, can I manage their affairs if they're unable and do I still need power of attorney?

  Unanswered. Can you help?

• Question - Is it true that an irrevocable trust does not take effect for five years?

  Get the original document and check out the terms of an irrevocable trust rather than be swayed by rumors as to how it operates.

• Question - What is the best way for my five brothers and me to contribute toward paying for my mother's care?

  Family planning for health care costs that may have tax consequences can get complicated in a hurry. It's one of those situations in which it may be best to call in expert help.