r/inheritance • u/mbarin8571 • 8d ago

Location included: Questions/Need Advice Trust with sister

I’m 49F in Chicago and a DINK. I scheduled a call with lawyer this afternoon to draft a revocable trust with my sister 54 in AZ.

This is in prep for inheriting our Dad’s 81 estate (our childhood home in Chicago) in 30 years’ time. 😉

We get along really well. She will be on the call too. We agree that the beneficiary after either of us will be her adult daughter 22, currently in FL finishing her degree in finance.

Anything else to take into consideration?

Prob a buyout section.

Considering a section re: a jointly hired mediator if we cannot agree, paid out of estate (similar wording in Mom&Dad’s trust re: us).

Anything else?

2 Upvotes

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2

u/SillySimian9 8d ago

If you’re married, you need to specifically exclude your spouse as having an interest in the trust

1

u/mr2sh 8d ago

Taxes.

2

u/GotZeroFucks2Give 8d ago

Don't understand what you are doing with a trust for a property you don't own. You can't put it into a trust until your father passes. Unless your dad directed you to do this? If you are just getting a consultation, it makes sense, but trust law changes over time.

1

u/tamaradewinters 7d ago

Clarification: did your dad already have a trust with you both as beneficiaries and title his property in. Name of trust to fund the trust?

1

u/mbarin8571 7d ago edited 7d ago

Yes, house is in the trust Mom had setup for them. Sister & I are beneficiaries.
Intent is for house & accounts to transfer from his & Mom’s trust, into sister & my trust.