Legal Question in Wills and Trusts in Alabama
I own a good bit of property that I want to leave to two of my four grandchildren. I don't want the property to be sold but to stay in our family -- some of the land is hunting property. I was thinking about setting up a Revocable Trust. What are the drawbacks? Does the trust pay taxes like an individual?
2 Answers from Attorneys
There are a variety of options for someone with your specific goals. While a revocable living trust will provide some of the benefits you are seeking, there are other options to consider. In order to get a clear answer, an appointment with an attorney who focuses on either Elder law or estate planning would be the only way to know for sure which option suits you best.
William G. Nolan
Mr. Nolan took the words right out of my mind. My thought for you would be to really think about trying to control the ownership of the property too long after you are passed. Things happen, those you leave it to may pass themselves, become ill and need the money the land would provide, divorce, or not have children of their own to leave it to, and, even face a financial issue that may keep them from being able to pay property taxes as they come due over the years. So, "trying to keep the land in the family" indefinitely, can prove difficult, for all those events listed that the family could face later, and those we have not thought of. This response is to provide general information, is not legal advice, is not intended to constitute legal advice to the reader and should not be relied on as such, nor is it intended to create an attorney-client relationship. ALABAMA RULES OF PROFESSIONAL CONDUCT REQUIRES THE FOLLOWING STATEMENT: "No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers."