Q: Regular last will & Testament or Living Revokable Trust Paper? Owns 2 houses, trailer, multiple vehicles with kids, and
Has several personal bank accounts. Tools, and other assets. Wants to leave them to ONLY 2-3 specific children out of numerous kids. Would you need a regular last will & Testament or Living Trust? Also wants someone to go to the bank for them bc they are bedridden so do I need a financial power of attorney form as well?
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- (931) 250-8585
- View Profile
- Answered
A:
Your goals can be accomplished using just a trust or a combination of will and financial power of attorney. The choice depends somewhat on how motivated you are to avoid the hassle of probate for your intended beneficiaries by using a trust. Trusts also tend to invite less litigation. Will contests are more common than trust contests.
On the other hand, a trust only works as intended if all assets are transferred to it. If you don't want to transfer assets to the trust, then use a will plus POA. It is not difficult to transfer assets to a trust, but it takes a little time, and sometimes people do not have that kind of time, such as when bearing a diagnosis of terminal illness with short time remaining,
Timothy Denison agrees with this answer
A: Last Will and Testament.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
