Power of Attorney for Finances Questions

1. Is it true that an irrevocable trust does not take effect for five years?

   Get some peace of mind for your friend during her final months by finding the original trust document. Concentrate on her concerns -- and how you can help relieve them. There is no blanket rule that irrevocable trusts do not become effective for five years, but there are many different kinds of trusts...
   1 Expert Answer

2. Does our irrevocable trust become invalid if it contains the words "may be amended from time to time"?

   The prudent lawyerly answer here would be that it’s impossible to give a complete answer without being able to eyeball the entire trust document—and possibly other related estate planning documents, too.
   1 Expert Answer, 1 Community Answer

3. If you have an irrevocable trust, can you never sell your house if things change?

   If you put your house in an irrevocable trust, that means the trust owns the house. Period. "Irrevocable" means what it says—can not be changed. Whether the house can be sold by the trust depends on whether the trust document permits that or not. Even if the house can be sold, the proceeds must remamain in the trust...
   1 Expert Answer, 1 Community Answer

4. How Can I Find a Will That Has Disappeared Now That the Person Who Made It Has Died?

   If you have access to the will maker's living space and property, the first sensible step is to look in the obvious places: desk drawers, file cabinets, closets. You'll generally be able to identify the will once you see it; most are stapled onto a distinctive colored cardboard backing and are clearly...
   FAQ 1 Expert Answer

5. How do we, with a power of attorney, take control of a credit card account in the cardholder's nickname?

   You're in a rather unusual position, and very well may fear that there are other debts looming out there to be paid.What will get the credit card company's attention the fastest is to take action to close down the account now in the principal's nickname, which is probably a good idea anyway...
   1 Expert Answer

6. My parents just deeded their home to me for $1.00. Do I still qualify to be gifted the 2008 $12,000.00 amount without being gift taxed?

   The gift tax rules are very much misunderstood by many people. You, as the person who receives a gift, aren't required to pay a gift tax. The gift tax is always assessed to the giver.
   1 Expert Answer

7. Can the trustee of an irrevocable trust be changed?

   It depends. The first thing to find out is whether that irrevocable trust permits the changing and replacing the trustee, and on what grounds such a change can be made. If so, it may spell out an easy way to remove and replace the trustee. If not, you had best consult with an estate planning attorney...
   1 Expert Answer

8. Can Dad dictate my stepmom's heirs?

   Where there’s a will—or a trust—there’s a way to do this. You might imagine that you are not the first to want an arrangement that would reasonably provide security during a stepparent’s life, then allow it to revert to the other parent’s natural children.
   1 Expert Answer, 2 Community Answers

9. How can I take over Mom's finances without her consent?

   The hard truth is that you can’t force your mom to complete a power of attorney for finances if she refuses to do it. But there are other practical steps you can take to curtail her access to her own funds—and it sounds as if you and your sister have already started that process.
   1 Expert Answer

10. What exactly is an irrevocable trust and why would one need one?

    An "irrevocable trust" means what it says. Once the trust is established, it can not be revoked or changed. It is irrevocable, ie permanent. This is in contrast to a revocable trust, often called a revocable living trust, which can be revoked or changed at any time by the person who set it up, as long as that person remains mentally competent...
    1 Expert Answer, 1 Community Answer

11. If my brother agreed, can he give back his right as a beneficiary?

    This question can only be answered by having an attorney review the trust that your parents wrote. Some trusts are truly "irrevocable" and cannot be changed in any respect, whereas others can be changed. The answer also depends on the particular laws of your state...
    1 Expert Answer

12. How do I pick an attorney and what should I expect to pay?

    If you don't need counsel on an emergency basis, get referrals through friends who've been down a similar path. If you intend to have this person draw up your parents' will, offer estate planning and tax advice, and so on, an interview is a must. You should be comfortable with this person and her expertise...
    1 Expert Answer, 1 Community Answer

13. Are family corporations a good or bad idea?

    It's one way parents can pass along property to children. But be forewarned: There are complicated rules about gifting shares in private corporations. You are all on safe ground if your parents properly valued those shares and reported the gift of those assets to the IRS if they were above the annual...
    1 Expert Answer

14. Is there such a thing as an irrevocable maintenance trust fund?

    An irrevocable trust is one that can't be taken back or "revoked" after it's established. Such a trust can be set up to operate in a number of different ways, depending on the trustmaker's goals and the trust beneficiary's needs.It can provide a steady stream of income to a beneficiary, which is sometimes called a unitrust...
    1 Expert Answer

15. What can I do to get money from a trust fund?

    If you are named as a beneficiary of a trust set up in California, you need not live in the state to be entitled to take money under it. And California law gives you the right to see a copy of the trust document as it relates to you. If the trustee will not give you a copy, or gives you a...
    1 Expert Answer

16. What is the specific wording to use when excluding children from will?

    You are legally free to disinherit children if you want to do so. But as you seem to have sensed, it is best to add specific language to your will that removes all doubt about your intentions. That's because there's a legal rule that holds that if you forgot to mention a child in your will, that child may be entitled to a certain percentage of your estate...
    1 Expert Answer

17. Does a trust need to be registered in Illinois?

    Charitable trusts, which are generally established to help those in need, are subject to some registration requirements under Illinois law.
    1 Expert Answer

18. Is there anything I can do if I've been excluded from a trust?

    In a true family trust, the person named as trustee has the discretion to distribute trust income in any way he or she sees fit -- and if the trust provides the widow with this type of broad discretion, she would be free to exclude one of the children...
    1 Expert Answer

19. What are the amounts of trustee's fees that must be paid?

    A testamentary trust is established in a will or living trust and funded upon the death of the person who made it.
    1 Expert Answer

20. Does a note on a house affect a trust?

    If your mother put her assets into a living trust to use for her own benefit during her lifetime and then left those assets to you and your brother, the two of you will get the house--along with the mortgage on it--at her death.You and your brother can then either sell the house and pay off the remaining...
    1 Expert Answer