Texas | Wills and Trusts
Legal Question
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.
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