Best way to form a trust?

[an]

I agree with everything sdduuuude said. It’s totally worth it. Check with your company as well to see if they have any group lawyer service. If they do, sign up for it. It’ll save you a lot of money. I think to sign up, we have to pay something like $6/month. To do all the docs that sdduuuude stated, I was charged $250. So after said and done, I’m out ~$350 to have all of those docs draft up by a lawyer.

[Jazzman]

I recently approached an (recommended) attorney to start a living trust. It is taking for ever for some reason. Don’t go in blindly, and ask lot’s of questions (keeping an eye on the stop watch). Does your attorney become a trustee? Can you trust him/her? What happens if he retires/dies? It may pass to someone who you don’t know. I decided to go the institutional route for a trustee, and adding a trusted family member as a trustee for checks and balances! If you are non-US domiciled ie born elsewhere be wary of the consequences in your country of domicile. In many places domicile is very hard to shake off, and many countries don’t recognize trusts. Could cause problems down the road. Local attorneys won’t have the expertise to advise on this.

[Jazzman]

I recently approached an (recommended) attorney to start a living trust. It is taking for ever for some reason. Don’t go in blindly, and ask lot’s of questions (keeping an eye on the stop watch). Does your attorney become a trustee? Can you trust him/her? What happens if he retires/dies? It may pass to someone who you don’t know. I decided to go the institutional route for a trustee, and adding a trusted family member as a trustee for checks and balances! If you are non-US domiciled ie born elsewhere be wary of the consequences in your country of domicile. In many places domicile is very hard to shake off, and many countries don’t recognize trusts. Could cause problems down the road. Local attorneys won’t have the expertise to advise on this.

[Jazzman]

I recently approached an (recommended) attorney to start a living trust. It is taking for ever for some reason. Don’t go in blindly, and ask lot’s of questions (keeping an eye on the stop watch). Does your attorney become a trustee? Can you trust him/her? What happens if he retires/dies? It may pass to someone who you don’t know. I decided to go the institutional route for a trustee, and adding a trusted family member as a trustee for checks and balances! If you are non-US domiciled ie born elsewhere be wary of the consequences in your country of domicile. In many places domicile is very hard to shake off, and many countries don’t recognize trusts. Could cause problems down the road. Local attorneys won’t have the expertise to advise on this.

[Jazzman]

I recently approached an (recommended) attorney to start a living trust. It is taking for ever for some reason. Don’t go in blindly, and ask lot’s of questions (keeping an eye on the stop watch). Does your attorney become a trustee? Can you trust him/her? What happens if he retires/dies? It may pass to someone who you don’t know. I decided to go the institutional route for a trustee, and adding a trusted family member as a trustee for checks and balances! If you are non-US domiciled ie born elsewhere be wary of the consequences in your country of domicile. In many places domicile is very hard to shake off, and many countries don’t recognize trusts. Could cause problems down the road. Local attorneys won’t have the expertise to advise on this.

[Jazzman]

I recently approached an (recommended) attorney to start a living trust. It is taking for ever for some reason. Don’t go in blindly, and ask lot’s of questions (keeping an eye on the stop watch). Does your attorney become a trustee? Can you trust him/her? What happens if he retires/dies? It may pass to someone who you don’t know. I decided to go the institutional route for a trustee, and adding a trusted family member as a trustee for checks and balances! If you are non-US domiciled ie born elsewhere be wary of the consequences in your country of domicile. In many places domicile is very hard to shake off, and many countries don’t recognize trusts. Could cause problems down the road. Local attorneys won’t have the expertise to advise on this.

[ljinvestor]

I am familiar with the benefits it has for heirs but are there any major advantages to owner while living and competent.

[ljinvestor]

I am familiar with the benefits it has for heirs but are there any major advantages to owner while living and competent.

[ljinvestor]

I am familiar with the benefits it has for heirs but are there any major advantages to owner while living and competent.

[ljinvestor]

I am familiar with the benefits it has for heirs but are there any major advantages to owner while living and competent.

[ljinvestor]

I am familiar with the benefits it has for heirs but are there any major advantages to owner while living and competent.

[earlyretirement]

[quote=Jazzman] If you are non-US domiciled ie born elsewhere be wary of the consequences in your country of domicile. In many places domicile is very hard to shake off, and many countries don’t recognize trusts. Could cause problems down the road. Local attorneys won’t have the expertise to advise on this.[/quote]

This is an EXCELLENT point Jazzman. Although I’m American born and raised. I’ve lived in a few countries and have permanent residency status in other countries where I own assets and properties. And you’re right…many times they don’t recognize wills from the USA. In those countries, I was advised to do a separate last will and testament or trust in that country as well.

It’s always a great idea to consult a skilled attorney. I know sometimes people try to save money but in the end you can cost yourself a lot of money if you don’t structure things properly.

[earlyretirement]

[quote=Jazzman] If you are non-US domiciled ie born elsewhere be wary of the consequences in your country of domicile. In many places domicile is very hard to shake off, and many countries don’t recognize trusts. Could cause problems down the road. Local attorneys won’t have the expertise to advise on this.[/quote]

This is an EXCELLENT point Jazzman. Although I’m American born and raised. I’ve lived in a few countries and have permanent residency status in other countries where I own assets and properties. And you’re right…many times they don’t recognize wills from the USA. In those countries, I was advised to do a separate last will and testament or trust in that country as well.

It’s always a great idea to consult a skilled attorney. I know sometimes people try to save money but in the end you can cost yourself a lot of money if you don’t structure things properly.

[earlyretirement]

[quote=Jazzman] If you are non-US domiciled ie born elsewhere be wary of the consequences in your country of domicile. In many places domicile is very hard to shake off, and many countries don’t recognize trusts. Could cause problems down the road. Local attorneys won’t have the expertise to advise on this.[/quote]

This is an EXCELLENT point Jazzman. Although I’m American born and raised. I’ve lived in a few countries and have permanent residency status in other countries where I own assets and properties. And you’re right…many times they don’t recognize wills from the USA. In those countries, I was advised to do a separate last will and testament or trust in that country as well.

It’s always a great idea to consult a skilled attorney. I know sometimes people try to save money but in the end you can cost yourself a lot of money if you don’t structure things properly.

[earlyretirement]

[quote=Jazzman] If you are non-US domiciled ie born elsewhere be wary of the consequences in your country of domicile. In many places domicile is very hard to shake off, and many countries don’t recognize trusts. Could cause problems down the road. Local attorneys won’t have the expertise to advise on this.[/quote]

This is an EXCELLENT point Jazzman. Although I’m American born and raised. I’ve lived in a few countries and have permanent residency status in other countries where I own assets and properties. And you’re right…many times they don’t recognize wills from the USA. In those countries, I was advised to do a separate last will and testament or trust in that country as well.

It’s always a great idea to consult a skilled attorney. I know sometimes people try to save money but in the end you can cost yourself a lot of money if you don’t structure things properly.

[Author]

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