How do I set up a family trust? 19 Answers as of November 12, 2013

I have an 81 year old mother that wants her property to be retained to take care of children and grandchildren. I am her son writing to you and carry her POA. The main property is a house that has a mortgage. The house has a room for her, myself, my nephew, and we also rent to rooms. So it has an income. I am wondering if it can be placed in a family or land trust. The mortgage also has the insurance that covers it if something happens to the borrower. So it would be paid of upon her death. Her health is still good though thankfully. Can I use property that is still under a mortgage?

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Durkin Law, P.C.
Durkin Law, P.C. | Roger Durkin
Yes, a trust is the potential vehicle. However, if your mother owns the home, you should consider an irrevocable trust; There is more to setting up a trust than just the document. Therefore you should discuss the risks and benefits with an attorney.
Answer Applies to: Massachusetts
Replied: 11/12/2013
James T. Weiner & Associates, P.C.
James T. Weiner & Associates, P.C. | James T. Weiner
contact an attorney ... most likely you will not be able to do it right yourself.
Answer Applies to: Michigan
Replied: 11/12/2013
Law Ofices of Edwin K. Niles | Edwin K. Niles
You should see an estate planning lawyer. Please, no amateur hour. Expect to pay around $2,000 for a proper trust.
Answer Applies to: California
Replied: 11/7/2013
Stephens Gourley & Bywater | David A. Stephens
To put real property in trust you would have to create the trust and then have the owner of the property sign a deed deeding the property into the trust. Then, the trust would own the property.
Answer Applies to: Nevada
Replied: 11/7/2013
Frederick & Frederick PLC | James P Frederick
Yes, a trust can be set up. You should have an estate planning attorney review your situation and set up the appropriate documents.
Answer Applies to: Michigan
Replied: 11/7/2013
    Law Office of Edward M. Burgh, APC | Edward M. Burgh
    Carefully. Hire an attorney to help.
    Answer Applies to: California
    Replied: 11/7/2013
    Law Office of Pamela Braynon | Pamela Y. Braynon
    Sure you can place the property in a trust. I suggest you see an attorney to write the trust for you to ensure that all that she wants to be done with the property will be taken care of properly.
    Answer Applies to: Florida
    Replied: 11/7/2013
    Law Office of Scott K. Wilson
    Law Office of Scott K. Wilson | Scott K. Wilson
    I see no reason to create and fund the trust ( deed the house to the trust) before she dies, as the trust will be a taxpayer and have to file a return. She should just have a will that leaves the house in trust to her children and grandchildren.
    Answer Applies to: Washington
    Replied: 11/7/2013
    Gottlieb & Goren, P.C.
    Gottlieb & Goren, P.C. | Aaron W. Goren
    Given your Mother's good health, you need to consult an attorney to draft a Trust for her signature that would reflect your Mother's wishes. She can name you as trustee to start acting now on her behalf if that is what she wants.
    Answer Applies to: Michigan
    Replied: 11/7/2013
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    See an attorney about setting this up correctly. Almost anything is possible, unless there is a governmental interest. Also, make sure the house is actually insured to cover its actual use.
    Answer Applies to: Michigan
    Replied: 11/7/2013
    Law Offices of Frances Headley | Frances Headley
    The property can be placed in trust even with a mortgage. You should consult an estate planning attorney to prepare the appropriate documents.
    Answer Applies to: California
    Replied: 11/7/2013
    Gates' Law, PLLC | Thomas E. Gates
    You need to talk to an Estate Planning attorney to set-up the Trust.
    Answer Applies to: Washington
    Replied: 11/7/2013
    Law Office Of Victor Waid
    Law Office Of Victor Waid | Victor Waid
    Do yourself a favor and obtain the services of an estate planning lawyer immediately, to prepare the necessary documents to carry out your mother's intentions; by the way a power of attorney is good only while the person lives; it dies with the person.
    Answer Applies to: California
    Replied: 11/7/2013
    James Law Group
    James Law Group | Christine James
    Your MOTHER needs to see an estate planning attorney and discuss her wishes. Any trust done that benefits you over any other heir or beneficiary will likely be contested if you are involved it it's procurement. Your mother can put her property into a trust but she needs to make that informed decision after meeting alone with an estate planning attorney, At James Law Group we make every effort to respond to you quickly and efficiently. This means we may be responding to you from a mobile device. As you know, responding on these devices can result in typographical errors that my otherwise not occur. In order to provide this extra service, please be aware of this and excuse any errors that may be caused by responding in this forum.
    Answer Applies to: California
    Replied: 11/7/2013
    Peters Law, PLLC
    Peters Law, PLLC | Mark T. Peters, Sr.
    I suggest you talk with a local attorney to draft the document and make sure it is done properly.
    Answer Applies to: Idaho
    Replied: 11/7/2013
    Kokish & Goldmanis, P.C.
    Kokish & Goldmanis, P.C. | Bernard H. Greenberg
    Your best approach is to consult with an attorney specializing in Elder Law and estate planning. Do not rely on any advice or forms from the internet.
    Answer Applies to: Colorado
    Replied: 11/7/2013
    Estrada Law P.C. | Michele Ungvarsky
    Yes it is possible depending on the specific details, check with an Estate Planning attorney for complete details.
    Answer Applies to: New Mexico
    Replied: 11/7/2013
    Ben T. Liu Law Office
    Ben T. Liu Law Office | Ben T. Liu
    Take your mother to an attorney for an estate plan, including a trust or to review her present plan if it was done several years ago. You can place mortgaged property into a trust.
    Answer Applies to: Michigan
    Replied: 11/7/2013
    Goldsmith & Guymon
    Goldsmith & Guymon | Dara Goldsmith
    First question is whether the mother still has contractual capacity. If so, she can meet with an attorney to address establishing a trust as part of a comprehensive estate plan. If she does not, your power of attorney will need to be reviewed to determine what options you have. You may need to pursue a guardianship if the power of attorney does not specifically allow you to establish a trust. I urge you to speak with an estate planning attorney where your mother lives to address the specifics. Best of luck to you.
    Answer Applies to: Nevada
    Replied: 11/7/2013
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