Strongly disagree. Talk to others, CPA, FA, parents, friends, etc (incl BHs), and READ, then when you have a good idea of what op needs AND DON’T NEED, THEN sit down with attorney. For civil matters, don’t go to lawyer ignorant. You don’t know if that attorney is good or not. You are likely to get “sold” more than you need.
We did have trusts drawn up but we cancelled them before they were to be filed. Why? We did not have trusted trustees and corporate trust companies were quoting us $60k PER TRUST as a fee.
$60,000 per year per trust?
The cost/fee for corporate trust companies is something that has to be considered if one does not have trusted trustees or if one does but they're getting older too and they don't want to take on being a trustee - making a promise they may not be able to keep.
This "trust" stuff is something where an individual has to carefully assess their personal risks and protect against those as best they can.
It's not uncomplicated or simple, by any means.
OP - you are doing the right thing, starting to talk to an attorney in your state about your personal situation. It is your job to become an informed consumer/potential client. Take your time (reasonably) and sleep on any advice you get because you may find that it's all over the place. Right now your primary concern should probably be a plan for your child if both parents are dead.
Statistics: Posted by LotsaGray — Fri Aug 09, 2024 3:05 pm — Replies 14 — Views 548