Best Option for Online Trust/Will for Senior

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DJAlcatraz
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Best Option for Online Trust/Will for Senior

Post by DJAlcatraz »

I am taking care of my Aunt who is now 89 years old. Long story short, her son passed away, and I have stepped in to care for her. She lives by herself, and is very independent, but I have helped update her finances, etc. Her Trust/Will is about 10 years old, mentions her son as the Trustee and in case he passes, myself and my sister are the beneficiaries. I would like to update her trust to name me as her Power of Attorney, and the Trustee of the Trust when she passes, leaving the house to my sister/myself. There are not a lot of assets, and frankly will be needed to pay for estate costs.

Is this something I can do online? I have looked at QUicken/Nolo, Rocket Lawyer, and Trust & Will. I actually created a Trust and Will through them for my family. BUt this one should be pretty straightforward, in fact, she has a trust and just needs to update it. I was even considering to email her lawyer who drafted it (if he is still alive) to see if they would update it, but not sure how much that would cost. She doesn't have a lot of money, so trying to be frugal here.
mhalley
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Re: Best Option for Online Trust/Will for Senior

Post by mhalley »

People that don’t have that much money don’t usually need a trust if there are no minors or spendthrift provisions needed. Where are the assets located? Ira, taxable? If there is not that much money, removing the trust as beneficiary and making you and the sister beneficiaries might be easier, then a simple will for taking care of miscellaneous aspects of the estate and the house.
IANAL
A quick google search states it costs $150 to $300 to make the changes you need, but of course ymmv. I would get a lawyer to change the trust instead of doing it yourself if you still feel the need for the trust.
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celia
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Re: Best Option for Online Trust/Will for Senior

Post by celia »

This is not a DIY task. Take her to a lawyer if she agrees and request an amendment stating you are the successor trustee and if you are unable to serve, your sister is the next trustee.

Are you sure this isn’t already in the trust? Usually a trust has a list of successor trustees as one never knows when a chosen trustee might not be available or willing to act.

A Power of Attorney or Durable Power of Attorney is a different document and is separate from a will or trust. Most importantly, she may need a new Power of Attorney for Medical decisions. If she selects you to make her decisions when she is unable to speak, then you should have a conversation about what she would want under different scenarios. Note that her choices may be different than what you would choose for yourself. Are you comfortable seeing that her choices are implemented rather than yours?
twh
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Re: Best Option for Online Trust/Will for Senior

Post by twh »

If you like the exiting documents, all you need to do is copy them and change the names and get them notarized. They will supersede the old documents.
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galawdawg
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Re: Best Option for Online Trust/Will for Senior

Post by galawdawg »

DJAlcatraz wrote: Fri Jun 24, 2022 4:04 pm I would like to update her trust to name me as her Power of Attorney, and the Trustee of the Trust when she passes, leaving the house to my sister/myself.

Is this something I can do online? I have looked at QUicken/Nolo, Rocket Lawyer, and Trust & Will. I actually created a Trust and Will through them for my family. BUt this one should be pretty straightforward, in fact, she has a trust and just needs to update it. I was even considering to email her lawyer who drafted it (if he is still alive) to see if they would update it, but not sure how much that would cost. She doesn't have a lot of money, so trying to be frugal here.
The best thing you can do for your aunt is to recommend that she speak with her attorney about her estate planning now that her son is deceased. Her attorney can meet with her to discuss her option and whether or not she wants to make any changes to her trust and/or will. I would certainly NOT recommend that you, as her power of attorney, attempt to implement any changes that would have the potential appearance of impropriety or undue influence, regardless of your actual motivations.
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Lee_WSP
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Re: Best Option for Online Trust/Will for Senior

Post by Lee_WSP »

twh wrote: Sat Jun 25, 2022 1:42 am If you like the exiting documents, all you need to do is copy them and change the names and get them notarized. They will supersede the old documents.
That’s not correct. Revoking a trust requires more language.
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Lee_WSP
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Re: Best Option for Online Trust/Will for Senior

Post by Lee_WSP »

DJAlcatraz wrote: Fri Jun 24, 2022 4:04 pm

Is this something I can do online? I have looked at QUicken/Nolo, Rocket Lawyer, and Trust & Will.
No. Revocation and restatement of a trust is not a product I’m aware even exists. And even if it did, I’d still say don’t use it.
delamer
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Re: Best Option for Online Trust/Will for Senior

Post by delamer »

If there is an existing, funded trust for which her son was trustee, then who is the trustee now that he’s dead?

You said he was the trustee and that you & your sister are now the beneficiaries. But you skipped the part about any new trustee.

If this is a testamentary trust, then the trustee issue only comes into play once your aunt dies. But if her estate is small enough that the funds will be spent covering end-of-life costs, then why does she need a testamentary trust?
One thing that humbles me deeply is to see that human genius has its limits while human stupidity does not. - Alexandre Dumas, fils
Luckywon
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Re: Best Option for Online Trust/Will for Senior

Post by Luckywon »

I am assuming your aunt also lives in California? Will she be inheriting anything from her deceased son? A potential issue, considering she is 89, is if she dies before receiving her inheritance, the inheritance would be received into her estate and would not be in her trust. If above the small estate limit it would have to go through probate, which presumably she wants to avoid in California.

So if she is due something from her son's estate, that issue would be another topic to broach with the estate attorney. Perhaps an amendment could be drafted placing her not yet received inheritance into her trust. Even then, if she dies before receiving her inheritance, it may require a court filing (Heggstad Petition) to actually place the funds into her trust but that would still be easier than probate in California. It would be ideal to avert this issue by receiving while alive and placing into her trust any inheritance she is due.
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