Timins Law Group Blog

Foreign Family Members: Will or Trust?

Posted on September 30, 2014

Several client or their spouses are immigrants who are not US Citizens or have several foreign family members. This poses several costs and challenges when choosing to pass property, and should lead one to ask if they should have property pass by a Trust or by Probating a Will. The following issues apply for people who reside overseas and do not pay US taxes, also known as “Non-US Persons.” Remember that having/opening a Trust avoids all of these costs: A Trust does not pass through Probate, does not require a Court to approve a foreign Trustee, and assets are distributed much more quickly and at less cost. First, any person who is a Non-US Person cannot serve alone as an

“My Estate” is the WORST Beneficiary

Posted on September 30, 2014

Unless you own property jointly or in a trust, certain items of property have to pass through your Probate Estate (i.e. under your Will). The car or bank account solely in your name, stock certificates (an awful form of property), the family house you did not place in a Trust, your personal property, all pass under your Will. Or, if you don’t have a Will, through Administration under the “Laws of Intestacy.” However, some people make the misinformed decision to leave “operation of law” assets, such as retirement plans or life insurance, to their estate. Let me be very clear here: This is a BAD idea. The only reason someone would errantly do this is because they want court supervision of

How to (and Should I?) Place My Cooperative Apartment in a Trust

Posted on September 25, 2014

Buying (and living in) a Coop can be a pain: Coop Boards dictate whether you can have pets, children tenants, hard wood floors, and when you pay increased maintenance and “special assessments.” They also decide whether or not you can place your Coop “In Trust,” thereby avoiding it passing through Probate via your Will when you pass away. First, the Coop’s legal counsel will want to review your Trust, often for about the cost you paid to draft it. They may require modifications and ask your beneficiaries to assume any future liabilities that may be assessed. You will then need to transfer the Coop shares for an additional cost, and produce your original Shares Certificate and Proprietary Lease (or otherwise