Legal Question in Wills and Trusts in District of Columbia
Modification 0f/Settling a Living Trust
We had a Joint ABC Revocable Living Trust drawn up by The Estate Plan 190 years ago and are conscious that there are changes in the Law that necessitate minor revisions. We took the Trust to a local lawyer and he had two problems: one changing someone else's product and two he thought that joint trusts would require an IRS letter on dividing up assets at the time of the death of the first spouse. We would like a local lawyer to accept our joint trust (if they think it valid which I have no reason to disbelieve), make the modifications caused by law changes and be on hand to help settle it as necessary. We were led to believe that it would be an easy do it yourself job to settle a trust but with evaluation and dividing up of assets it does not seem a job for the faint-hearted as our children would be at the death of both of us! Thanks for any thoughts on this particularly the bit about other lawyers not wanting to deal with products that are not their own.
1 Answer from Attorneys
Re: Modification 0f/Settling a Living Trust
I know of no reason for concern as to the first issue as lawyers take over from the work of other attorneys all the time. If such were not the case, the important work of the law could not go forward.
As to the second issue regarding the need for an IRS letter at the time of the first settlor's death, I have no idea.
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