Question : Who would I contact to set up a revocable living trust agreement for my estate? Are they legal in Texas?
My family lives in another state and I have no one in Texas I want to leave my property to. I want to set up a revocable living trust for my niece and nephew in Michigan. Who provides this service; a bank, an attorney, an insurance agent? Thanks for you time in answering.
- asked by BARBARA J
All Answers:
Answer #1
an attorney ( not a probate one)
- answered by 1970 Mopar Muscle Gal
Answer #2
I think a lawyer would be a good place to start.
- answered by Diarmid
Answer #3
It doesn't matter where your heirs live, as yourwill must conform to the laws of the state whereYOU live. You should contact an elder law orprobate attorney--they are the ones who will drafta trust. Yes, revocable living trusts are legalin all 50 states and the most popular way of taxsheltering assets for when you pass on.
- answered by surfinthedesert
Answer #4
your attorney. They will get all your paper worktogether. It will cost you but they will be ableto work about all the legal entanglement's.
- answered by :Sigh:lost:
Answer #5
Get in touch with a real estate lawyer and simpleexplain to him / her what you want to do and ofcourse they will inform you on how you should goabout it and then also ask the about the legalityof your intention in the state of texas.
- answered by maria fkun
Answer #6
A living trust may be appropriate for you. Startby looking at somw web information from Nolo press(they sell software and books to assist you insetting up your own living trust without anattorney ... and it will be legal in Texas withbeneficiaries in Michigan or any other state).. Start with the FAQ at
http://www.nolo.com/article.cfm/ObjectID/02B5FD86-BB5F-4F9C-88C5ED4A0D7F64BC/catID/FD1795A9-8049-422C-9087838F86A2BC2B/309/FAQ/An article titled (witha podcast) "How do living trusts work" is also agood start:
http://www.nolo.com/article.cfm/ObjectID/41DAC8CC-797B-480F-A97F82810AC55BC0/catID/9F594B71-B41B-4513-923BF19B4D9ACDAA/309/227/ART/BUT - you mightwant to first check out this Texas attorney'swebsite with info specific to Texas residents.
http://www.willsandprobate.com/FAQ/living-trust.htm Obviously she is interested in being involvedin your decisions - but this provides anotherviewpoint.In general, the biggest issue with aliving trust (after drafting and notarization /witnesses of signing) is retitling all of yourinvestment accounts and real estate in the name ofyour trust. For example, currently your home islisted as Mr. James and Mrs. Jane Doe, JtTennents. After the Trust agreement is in place,you will retitle your property as the Doe FamilyTrust under trust dated 01/23/2007, James Doe andJane Doe, Trustees. The retitling is critical -any accounts not retitled are NOT in the trust. (however, the will you create can "pour-over" anyuntitled assets into the trust after they gothrough probate)
- answered by Del
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measure and fulfill your financial needs
