I agree with the other two lawyers. It sounds like you have a revocable living trust. It sounds like you need to have an entire estate plan designed for you to make sure you have the documents that actually will achieve your goals.
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Any response given to a question is not intended to create an attorney/client relationship between this lawyer or this firm and anyone else. Any response is to be considered as a general response to a hypothetical set of facts and is not intended to be, and should not be relied upon as, legal advice.
I think you meant revocable living trust not irrevocable. That said, you absolutely should have a will as a back up.
Now, your question leads me to believe you did the trust on your own. You would be wise to meet with an estate planning and make sure you have everything covered correctly.
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The general advice above does not constitute an attorney-client relationship: you haven't hired me or my firm or given me confidential information by posting on this public forum, and my answer on this public forum does not constitute attorney-client advice. IRS Circular 230 Disclosure: In order to comply with requirements imposed by the Internal Revenue Service, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
While I am licensed to practice in New York and California, I do not actively practice in New York. Regardless, nothing said should be deemed an opinion of law of any state. All readers need to do their own research or pay an attorney for a legal opinion if one is necessary or desired.
Attorney Shultz is correct. A do-it-yourself estate plan, especially when using a trust, may not accomplish your goals. Most importantly, since internet-produced provisions tend to be vague, instead of enjoying their inheritance after your death, your beneficiaries may be lawyering-up. Do yourself a favor and retain an experienced estate planning lawyer to review this matter, update your documents, and make sure your newly revised living trust is, in-fact, fully funded. Good luck to you.
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This information is presented as a public service. It should not be construed to be formal legal advice nor considered to be the formation of a lawyer/client relationship.
I am licensed in Connecticut and New York and my answers are based upon the law in those jurisdictions. My answer to any specific question would likely be different if I were to review a client's file and have the opportunity to interview the client. Accordingly, I strongly urge you to retain an attorney in your jurisdiction with respect to any legal matter.
It's always a good idea to have a will which will serve as a conduit to get everything into the trust that did not get properly placed in the trust during life. There are almost always some assets that do not make it into the trust. It is not a good idea to go it alone on these important documents. An attorney can ensure that you have the right documents and plan in place when it is needed. This information is subject to the disclaimer below.
This is general information based upon limited facts, should not be construed as legal advice, and does not create... more
This is general information based upon limited facts, should not be construed as legal advice, and does not create an attorney-client relationship. The author is licensed in Indiana and Ohio attorney only.