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Non-Cattle Specific Topics
Every Thing Else Board
Revocable living Trust
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<blockquote data-quote="Jogeephus" data-source="post: 1251223" data-attributes="member: 4362"><p>I deal with these things on a regular basis and each has its strong points and its weaknesses but in general the entity you set up is only as good as the family and it sounds like your children are on board so I don't think you'll have any problems. What I've seen is when the children are informed with your intent and understand what you are doing then things run smoothly no matter the instrument you are using. If they are mature enough to understand things you need to keep them as informed as possible. Where the trouble arises is when you have an heir who sees your death as their ticket to wealth. These types can cause problems.</p><p></p><p>I also think everyone and their brother wants to sell you on preparing a trust or something to "help" you. I've seen some that were just BS and very poorly drawn up. None of this matters if the children are on board and understand your intentions but it can cause a train wreck if there is one who is bucking your wishes and the instrument isn't concise.</p></blockquote><p></p>
[QUOTE="Jogeephus, post: 1251223, member: 4362"] I deal with these things on a regular basis and each has its strong points and its weaknesses but in general the entity you set up is only as good as the family and it sounds like your children are on board so I don't think you'll have any problems. What I've seen is when the children are informed with your intent and understand what you are doing then things run smoothly no matter the instrument you are using. If they are mature enough to understand things you need to keep them as informed as possible. Where the trouble arises is when you have an heir who sees your death as their ticket to wealth. These types can cause problems. I also think everyone and their brother wants to sell you on preparing a trust or something to "help" you. I've seen some that were just BS and very poorly drawn up. None of this matters if the children are on board and understand your intentions but it can cause a train wreck if there is one who is bucking your wishes and the instrument isn't concise. [/QUOTE]
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