Is the successor trustee in this case the trustee of the revocable living trust now?Is there any legal formality to be done to become the trustee instead of the demented trustee?What is to be done w/the bank accts and properties?
First, the acting trustee must be properly deemed to be incompetent before he or she can be removed. Thereafter, the successor trustee will step in as acting trustee, but not until that successor trustee first executes the appropriate documentation. As long as the assets are owned by the trust, the bank will honor the document appointing the successor trustee. You need to dot your i's and cross your t's so sit down with an estate attorney right away. Good luck.See question
If my LLC gets sued for some action done by the LLC and a judgement is awarded, are my personal assets, other LLC, corporations, trusts, etc. completely protected from any collection action? If the business has virtually no valuable assets and dec...
Depends on the type of liability, how the LLC is organized, and how your other assets are protected or not protected. It's not a simple question to answer. I'd definitely recommend sitting down with a estate and business attorney to further discuss your current state of protection, as well as how to protect your other assets moving forward (if it's not too late). Good luck!See question
The trust is myself and my parents - she passed away and he is demented. Currently the unit is empty. Can I be sued for this? My condo is homesteaded, and this was done also by them.
This is not a simple question because it involves, homestead, trusts and multiple parties relating to both. The answer is, therefore, maybe. I'd recommend sitting down with an estate attorney right away.See question
I am U.S citizen who owns realstate and a little money in the bank, never been married and have no kids, the only family I have are overseas (sister and nephews) who i would like them to have my properties when i die. what is the best simple ...
Cost benefit wise, a trust would be the best solution.See question
I am an a entrepreneur who is looking for legal counsel and guidance. I am starting a business (a tech start up, but not at that "start up" level yet). I am just looking for guidance to help me get to a Series A round or even further. I heard tha...
Congrats on starting a business! Out of curiosity, does not being at "startup level yet" mean you are still in the idea stage? The responses make clear that you definitely need counsel, and you certainly need it for the areas tagged above. That can be a lot of work (and considerable expense) so you should negotiate an appropriate arrangement with the counsel you ultimately decide upon. In addition, I'd recommend that you make sure you are getting good business advice attorneys who have been in business themselves and are not just getting legal advice. Good luck!See question
My parents are getting old and want to leave their condo to their grand daughter (14 years old). Can they add my daughter's name on the title in addition to keeping their name. Or it is better to make a will and leave it to their grand daughter? W...
Yes, you have a few options to achieve your goal. However, you will have to navigate many obstacles and dangers to such a transaction. Definitely sit down with an estate attorney to ensure this is done right.See question
If you have a Will and Testament is it required by Florida law that you go through Probate if you have a legal Will & Testament? I have a Will and Testament. My mothers home was left to me and it's worth less than 56k. Having issue with mortgag...
A LWT doesn't avoid probate. It provides directions to take effect in probate. Probate is determined based on title of assets.See question
Beneficiary wishes to review investment firm's statements(Morgan Stanley) and also estate checking account to affirm the value of estate when initially set up from date of death to present, of which it has now been over two years from date of deat...
All beneficiaries are entitled to an accounting of the estate from the personal representative aka the executor.See question
or I can buy a will form and do it myself
You can absolutely create and execute your own will and any of your estate planning documents for that matter. However, I'd highly recommend not doing so, as just because you can, doesn't mean you should, especially if your situation is more complex than you think.See question
of the trust can the creditors lay claim against the trust and any life insurance that I may collect after there death if I am in bankruptcy?
This is a complicated set of facts, many of which are missing. Irrev trusts provide asset protection benefits in general, whereas revocable trusts do not. In addition, life insurance is generally excluded from the bankruptcy estate but there are exceptions to all of the above, such as for example, clawbacks, commingling, improper titling, poor crafting and poor drafting, etc. This is definitely a situation to retain the right professionals since the outcome will materially impact your life and your family's life. Good luck.See question