Working primarily in Estate Administration, I have occasion to see first-hand what kind of havoc a poor plan, or no plan, can wreak on surviving family members. There are also situations where a good Trust is in place and operates exactly as it should with respect to the funded assets. It’s the assets that are not funded in the Trust that can cause issues after death.
I recently helped a widow who’s husband, I’ll call him Jim, had been custodian of an account for the couple’s minor grandson. Upon Jim’s death, the financial institution froze the account because there was no successor custodian listed. The child’s parents were unable to access the account. The widow could not access the account either. Eventually, we were able to untangle the problem and resolve the legal issues, but getting there took some time.
The couple’s Trust was not an MH Trust, but it was a good one. The point is that even the best Trust is ineffective if not properly funded. Different types of assets require different title or beneficiary designations in order to be effectively funded. An accurate inventory of assets is crucial to proper funding. The time spent gathering the information for us is well worth the hassle you’ll save your surviving loved ones upon passing.
For more information or to schedule your free consultation, contact our office today at 888.222.1328.
Contributed by MH Phoenix Estate Planning Attorney Andrea Claus
What the Attorneys of Morris Hall Can Do For You:
The attorneys at Morris Hall have 100’s of years of combined experience ensuring that families’ assets are protected from probate, unnecessary taxes, creditors, ex-spouses and Medicaid spend-down. The attorneys also help those in Arizona to apply for and receive Medicaid assistance and Veterans Benefits. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
- Estate Planning Tips for Solo Seniors - November 17, 2023
- Inheritance Planning: Have You Considered Digital Assets? - November 16, 2023
- Estate Administration: Executor vs. Trustee Roles and Considerations - November 15, 2023