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Many of the clients we serve at Legacy Law Centers use a revocable living trust instead of a will or joint ownership to plan how their assets and other valuable property will be distributed among their family and other beneficiaries of their estates.
When we help clients set up their trusts to ensure that everything is in order, they can avoid the costly and time-consuming process of going to court to establish conservatorship or guardianship (in cases involving incapacity) or to probate the estate ( after a person passes away).
While trusts can greatly benefit your family in their time of need, many people fail to properly fund the trust, which can result in the accounts and property left in the trust going through the court system.
Funding a trust involves transferring accounts and property from your name into your trust. You should also change beneficiary designations so that your trust is named as your beneficiary. Our lawyers can discuss your estate plan to identify all of your accounts or property with a beneficiary designation and explain how to properly transfer it outside of the probate process.
To fund a trust, you can:
While people generally want to set up trusts to avoid conservatorship and probate, we often encounter individuals who thought they were done once they signed their name on the trust agreement. Unfortunately, by not taking the crucial step of changing titles and beneficiary designations for accounts and property, the loved ones of these individuals will be forced to go to probate court in the event of incapacitation or death.
If you are using a trust to leave assets to your family and other beneficiaries, then you need to consider funding the following:
The following assets don’t need to be funded into your trust:
With advice and guidance from our seasoned lawyers, you can experience the following benefits of a trust-based estate plan:
Our compassionate and skilled estate planning lawyers at Legacy Law Centers are here to answer your questions and devise a strategy that protects your best interests and preserves your legacy. Call our law firm today at (571) 260-0827 to schedule a complimentary case review.
Start Planning Today!
(571) 260-0827