Estate and Will Planning: What questions should I ask?

I just researched this myself. Many Law firms will have videos on their website or classes you can attend in person or by webinar. I have been to two classes in the past month with different law firms and what a difference between the two. If you find a good firm the following will go smoothly.

Look for a law firm that specializes in Wills, Trust, Asset Protection, Long Term Care Planning (LTC), Medicaid planning, VA planning (Veterans), Probate administration, Elder Law, Pet Trust, that will create deeds to transfer property into your trust. Some lawyers will only prepare the will and trust but won’t do any administration of the trust.

- Medicaid / VA planning is always good to review. They are both complicated and have specific rules, but a good lawyer will help you know how to spend down your assets or place in accounts that will protect your money for a spouse if you need in home or nursing care. Certain assets you do not have to sell to get funds to pay for help.
- Do they have a team behind them or are they solo? What happens if something happens to them?
- Do they prepare customized documents or more of a boiler plate.
- Do you have a list of questions for me to answer before our appointment.
- Once my documents are signed, will you help me to title my assets and name my beneficiaries?
- Can your firm be the Executor of my Trust? If not, who do you recommend other than my family?
- Will you assist my executor with closing out my estate?
- Do you have a “Task List of Executor Duties” that I should give to my executor, timeline what to do when and which of these tasks you will or should help my executor.
- Do you work with any accounting firms that understand a final tax return and a trust tax return
- If you have no surviving spouse you may need to get an EIN number for the trust tax return and probate tax return. Will they help get this for you.
- If all my assets are in the Trust or have a beneficiary what fund does my executor use to pay my bills
- Discuss titling bank accounts in two people’s name and TOD or POD on your accounts and know that these funds cannot be used to pay for expenses on behalf of your estate. These accounts will belong to those people.

I am creating an “Estate Plan Box”. This is where I keep a copy of all my documents that the executor of my will & trust will need. It will contain a flash drive and a paper copy of the following: a letter expressing all my wishes, where my lock box and key are, copy of my Will, Trust, End of life documents, POA, DNR, codicil (legal list or who gets what – a sticker on the items doesn’t count by law), Insurance policies, list of key contacts (lawyer, accountant, home services vendors) net worth statement (assets & debts), list of bills to pay & how often (monthly, Quarterly, annually), copy of January statement for all my accounts, checking, savings, retirement, pensions, annuities, brokerage, health savings accounts. Where to find, real estate deed, government benefits, vehicles title, business ownership papers, loans – debts, list of passwords, Tax returns for 7 years.

I'd like to suggest Five Wishes. It's a legal replacement for a Living Will and Living Trust. My financial people recommended it to me. And I'm learning of a lot of people who have it. It's cheap and really good.

We formed a trust, to go immediately to our daughter after we passed. It now turns out that she has metastatic stage 4 breast cancer. We have no idea how long she will be with us. One thing we changed in the trust is that if she dies before her son, he will not be able to access the funds (except for necessary expenses) until he is 30. His trustee is my nephew, who is a very successful business man and all-round good egg. We did not make his father the trustee as he isn't that good with money.

What you have done sounds like a good plan. I think that if your estate is a million or more ( all assets including your home ) you might name a second successor trustee or co trustee ( consider a commercial trustee such as Northern Trust company etc). I named lido financial advisors as a commercial successor co trustee and wealth managers to be the trustee along with my niece who is a seasoned lawyer. Good luck to you and your family.

Such an important post. I was a lawyer at the time of my diagnosis of stage 4 appendix cancer. I am so embarrassed to admit I had nothing in place. So dreadful for those dealing with the mess if I became incapacitated temporarily or permanently, or died.

Horrendous also to think my hard earned stuff wouldn’t go where I would want it to go.

Something we should all address then put it in the bottom drawer (figuratively!) and get on with living ♥️🌺

Contact me off line. I do have info.

Great info. If your State has Land Trusts - it also bypass Probate.

DEFINITELY- put home in Land Trust instead of living trusts.

Thank you for your advice. Can you explain what a land trust is. I own a house in the United States and an apartment in Spain. I have a Will in Spain that just pertains to my apartment in Spain and I have a will in the United States as my General will for everything And I believe I have a trust that I did a long time ago wondering what a land trust would be and how it would be different.thNk you-

A Land Trust is a document that bypasses Probate. Which means upon your death all the beneficiary has to do is contact their attorney, or the Land Trust company itself. They will walk them through the documents that are needed to transfer the property to the beneficiary (themselves or several of them). THAT IS IT.

At that time you/they/them can choose to keep it in the Land Trust, or remove it altogether. If you remove it- the Trust Co. will close the trust, and issue a Trustee Deed which will show the beneficiary/you/they/them as the new owner. I recommend keeping it in trust to my clients, because the property stays hidden. It is a "trust number" so creditors cannot find out WHO the owner is. It is one of the most powerful ways to make sure your property goes to the person you want it to-- without any hiccups or drama.

Check to see if your particular state have Land Trusts. Many do not - so definitely research. Banks can do Land Trusts, but our law office use Chicago Title Land Trust Co., because they are national. Plus they've been around for many many decades. Whereas, banks closed during COVID- and those (bank created land trusts) -- in our state-- were sent to Chicago Title Land Trust. Check to see if your State allow homeowners to have Land Trusts, and then check to see if there is a Chicago Title Land Trust office in your area.

Good Luck, I hope this helps. Be Blessed!!

I don't practice law in Spain, or outside of IL - so I cannot tell you any additional information. Just as the name implies the Land Trust only deal with LAND=ex. Vacant land/ Home/ Building/ Property etc. It is called "Real Property".

The items in a Will are mainly "Personal Property"-- ex. clothes, cars, bank accounts, stocks, annuities, photos, etc. The Will can ALSO include the home/vacant land/real property-- the legal term is "pour over Will". HOWEVER- the Will usually has to be probated, and the home will be vulnerable to additional legal battles. Whereas, with a Land Trust- it goes to whomever is the beneficiary . That's it That's All. Many people are "penny wise, and pound foolish" and don't do Land Trusts (oftentimes they cost more than Wills). Well you can pay up front, or your heirs will pay on the back end-- with the Courts getting involved.

Don't be afraid because you remain the owner, and can change you in your lifetime without closing the Land Trust. IT IS YOUR HOME UNTIL YOUR DEATH. You can put a home with a mortgage in a Land Trust- check with your mortgage company to see if they will need any additional info.

Let me stop here- breast cancer didn't slow down my Lawyerly ramblings 🙂 LOL. Take care.