Skip to main content
Michael Leo Potter
Avvo
Pro

Michael Potter’s Answers

5,175 total


  • Do I have the right with siblings to view my moms and step fathers trust/will? Mom died last year.

    My mom died last year July and my step father has done some things against my moms wishes, but we aren't sure if there were different instructions in her will (their trust). Do my siblings and I have the right to view the trust/will? If so, how ...

    Michael’s Answer

    I'm sorry for the loss of your Mom. If they have a joint Living Trust then he is (currently) the primary beneficiary just as she would be if she had survived him. Typically the Trust (if it exists) sets for how they (jointly) want assets to be distributed after the death of the last surviving Grantor. If they do NOT have a Living Trust then her Will sets forth how she wants to provide for her husband and any other family members. If you are a beneficiary of the Trust or the Will you may be entitled to see if -- but it depends on how it was drafted as to whether you have any interests. I'd consult with a California Estate Planning attorney in San Jose. See Avvo.com under 'Find-A-Lawyer'. Good Luck to you.

    See question 
  • Do i need to file this assignment of interest document?

    I created an LLC a few years ago. I recently created a trust. I read that I can assignment my interest in my LLC to my trust. Single guy, only person in the LLC. Do I need to file this assignment with the state?

    Michael’s Answer

    The assignment of your LLC interest from yourself as the sole owner to the Trust as the NEW owner is a way to document that whatever value the LLC has at your death can be distributed to the Trust's beneficiaries. If Idaho requires you may want to file the LLC assignment with the County Recorder, but since it the ownership of a privately owned company it may not be necessary. Consult with ID counsel. See Avvo.Com under 'Find-A-Lawyer' and then meet with the Trust attorney to discuss your Trust wishes and transferring the ownership of the LLC. Good Luck to you !!

    See question 
  • UTC is here. The affect on First Party SNT and a Charitable Trust. How will it affect both?

    Just want information or a clue if the new changes have any new termination or modification allowance. And how the UTC effects trust funds.

    Michael’s Answer

    A Estate Planning attorney would need to review both Trusts to see how the UTC would affect them.

    See question 
  • Does spouse "A" of beneficiary "B" become the beneficiary of a land inheritance if A dies prior to the 6 months probate period?

    "B" inherits land and probate starts let's say on April 10 which I believe would make the probate ending date October 10. "B" dies after April 10, but prior to October 10. "B" is the beneficiary of everything "A" owns if "B" is living. The one ...

    Michael’s Answer

    If B had a Will and the Will is probated, that would state in Probate who gets any property (if any) that B is entitled to receive. Sit down with a SC Probate attorney. See Avvo.com under 'Find-A-Lawyer'. Good Luck.

    See question 
  • I need to know why it's taking 4 years to settle my Uncles Estate!

    My uncle died almost 4 years ago and the attorney won't settle his estate! This is not a complicated estate~ he had no properties just some cash in the bank. The attorneys assistant keeps telling me that the file is on the desk and the attorneys c...

    Michael’s Answer

    Simply fire this attorney and retain a new one. The new attorney can provide the 'Substitution of Attorney' to the former attorney and ask for the file to be sent over. See Avvo.com under 'Find-A-Lawyer'. Good Luck.

    See question 
  • As a Beneficiary of my Father's Estate can I get the Estate Financial Records with out hiring a Attorney

    My Father passed away April 2015 and the trustees have not provided any financial information other than a hand written one that is not accurate by no means..Some bank accounts were not included,no record of what came in or what went out,who it we...

    Michael’s Answer

    Trustees have a fiduciary duty to provide at a minimum an opening and an annual accounting of the assets held by the Trust until they are distributed to the beneficiaries. You can certainly write a certified mail letter to the Trustees reminding them that it is their fiduciary duty to provide such accounting and that you want to avoid asserting your legal rights by litigation. Good Luck.

    See question 
  • Trust Account, Safety Deposit Box and Savings Account

    My husband has a trust account which his father set up for him. His father passed away in 2014. It was set up that he recieves $600.00 on the 15th of each month and then another check for the amount of interest the trust accrued. My husband put...

    Michael’s Answer

    The monthly amount that he receives from an Inheritance is his own separate property - not 'both' of yours as marital property. The same would be true if you inherited money or property from your parents. If both of your names were on the account or the safe deposit account it would be transmuted into marital property but it is not the way the safe deposit account is held. So it remains his separate property. Good Luck.

    See question 
  • A cash distribution from my mom's Trust was evidently made by Trustee in April. I have never received a check despite promises

    My mom happily told me in April, then May, then July a distribution from her Trust had been made. Texts were exchanged from my sister who manages it obtaining my address. Still no check. My mom is upset. What do I do? She has a great attorney...

    Michael’s Answer

    Have your Estate attorney get involved by contacting the Trustee. See Avvo.Com under the link 'Find-A-Lawyer'. Good Luck.

    See question 
  • How is the trust buying me a car similar to my old car? Do I pay from my share?how does that get deducted from the trust?

    I am a beneficiary in my parents trust along with my sister she is also trustee. She said that the trust will buy me a new car to replace my old car part of health education and we'll being. How does this effect the amount of money in my trust.

    Michael’s Answer

    if your parents are deceased and your sister is now the Trustee, you as a beneficiary are entitled to a copy of the Trust. Have an experienced Estate / Trust attorney review the document and then advise you. The cost of the auto may be deducted from your share of the Trust's total value. Good Luck.

    See question 
  • Is it necessary to setup a trust?

    My mother needs to write her will. Is it necessary to setup a trust if there are specifics regarding when/ how money will be distributed?

    Michael’s Answer

    A trust is generally more feasible than simply using a will. I'd recommend you & your mother sit down with an experienced Estate Planning attorney to get specifics worked out. See Avvo.Com under 'Find-A-Lawyer'. Good Luck.

    See question