When you set up a living revocable trust, you’ll almost always be the original trustee. When you die, you’ll name a successor trustee. When your parents die, you may be named as their successor trustee. Nobody ever sits you down and explains the trustee liability you are
WRITING WILLS Writing wills is probably the easiest thing a lawyer can do. Shortly after I graduated from law school I was diagnosed with final stage terminal cancer. I was hospitalized for five months straight and then couldn’t work for several years. It was a major battle.
When you’re considering setting up a trust to avoid probate, you’ll be “sold” a living revocable trust. A married couple can have individual trusts or joint trusts. Joint trusts will have only one physical trust document. An individual trust for the husband and an individual trust for
There are definitely two camps in the lawyers’ world, and they are split over the living trust vs will controversy. My mentor in law school and I have argued for 30 years over whether a will is sufficient for a client or if they routinely need a
