QUESTION
If you begin a trust with one lawyer and for whatever reason, could someone else take over the care of that trust from that person?
Asked on May 28th, 2021 on Trusts and Estates - Ohio
More details to this question:
I don't have a lot at this time, but I saw a lawyer on YouTube say whatever you have, or for POA, etc. one should have a RLT. If I relocate for employment, and I gain financial growth, could I switch to a trust lawyer there? Also, is it okay, that since some lawyers allow installments to pay, to ask others even if it's not advertised, if they will accept payments.
1 ANSWER
Asset Protection and Medicaid Planning Attorney serving Cuyahoga Falls, OH
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It sounds like you have some basic misconceptions about how a trust functions. When someone sets up a revocable living trust (RLT) the person in charge of the trust (Trustee), is normally you. The attorney is usually only involved in setting up the trust, or modifying it. If you would like a professional fiduciary to manage the trust, you are certainly free to do that, but there are ongoing costs. Additionally, many national companies have a trust department that can handle this.
Overall, you may benefit from an inperson consultation with an estate planning attorney who can clearly explain everything and even discuss if a trust is worth it for you.
Best of luck.
Answered on Jun 01st, 2021 at 6:01 AM