Legal Question in Wills and Trusts in Texas
Inheritance
My best friend, as well as a few hundred of her distant relatives will soon be the recipient of an unbelievably large sum of money; millions. The money is unclaimed roylaties from oil and gas that had been in an account for nearly 100 years.
She was told to get a trust established. What is a trust? How much does it cost? Is there a specific name for the kind of trust she needs? and what would be the next line of business once the money begins to pour in? She has no formal education and doesn't want to be ''taken'' or ''used'' by financial advisors, attorneys, CPA's or anyone with a hidden agenda. She has never had to hire an attorney (she doesn't know any).
Should she create a business so that she can share some of her money with her grown children without paying exorbitant taxes? The money is in Texas and she lives in Louisiana. I am unsure of what area of law this pertains to. Thank you.
3 Answers from Attorneys
Re: Inheritance
For the most part, to save your family the cost (and hassles) of probate court proceedings after your death, think about creating a revocable living trust. It's hardly more trouble than writing a will, and lets everything go directly to your heirs after your death without taking
a circuitous and expensive detour through probate court.
On the other hand, even though you may have a pre-conceived notion about all of the people that you mentioned, she is going to need perhaps all of them, to help her and her relative with the management of the moneys.
Re: Inheritance
Congratulations to your friend. She has a GOOD problem! Believe it or not, CPAs and Attorneys are bound by codes of ethics and should provide estimates of cost before providing services. There are many good one and your friend needs professionals NOW to help guide her. Yes, there will be fees, but they will be nothing compared to possibility of losing everything due to bad advice or being the victim of vultures coming out of the woodwork. Tell her not to be penny-wise and pound foolish. As always, check references and qualifications of the professionals. Best of luck to your friend.
Re: Inheritance
Your friend needs professionals to help her. You don't say who is telling what she needs to do, but my guess is they don't work for her and may or may not be giving her the best advice for her particular situation. Attorneys and CPAs are not the enemies. She probably needs both.
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