my parents are going to have an Attorney create a living trust for all of there property.
My sister and I are getting a 50/50 split. Due to the economy, I've lived in my parents
house for about 10 years now. I have furniture, TV, stereo and some very expensive
brass trains in my bedroom, I also have about 2,500 dollars worth of automotive tools
in the garage. How can I be sure that my personal property is kept separate from the
general living trust.
2 Answers from Attorneys
You could ask your parents to make it clear in their estate planning documents which articles in their home belong to you. If you're lucky, they won't also deduct 10 years of rent from your share of the estate.
you should retain a qualified attorney to prepare a written agreement with your parents regarding your property, with a detailed list of all items (in addition to ensuring that your property is not listed in the schedule of assets being transferred to the trust or in an assignment of tangible personal property to the trust).