In this third installment of my four-part series on why you need a living trust, I will look at the third reason why a well-known business publication declared that you don’t need a living trust.
~ You must transfer property to a trust ~
The article states that transferring property to a trust can be a hassle. That is the third reason provided by the article – it can be a hassle! The article neglects to point out that it is a hassle to file a probate; it is a hassle to file a guardianship and conservatorship; it is a hassle being on the probate court’s schedule; it is a hassle to pay probate attorney fees and court fees; it is a hassle to have multiple probates if you have assets in other states; and, it is a hassle to lose money unnecessarily because your will does not contain asset protection provisions.
A revocable living trust requires retitling assets to the trust. This process is referred to as “funding” the trust. It does require some time to properly fund the trust. However, to suggest that you don’t need a trust because it is a hassle to fund the trust is severely misguided.
I think we can all agree that it is worth spending a little bit of time to ensure that your loved one’s inheritance will be protected and properly administered after you’re gone, free from the hassle of probate. Funding a trust doesn’t have to be a hassle. A good estate planning law firm will you help you through the process of funding to make it easier and more efficient.
Contributed by Morris Hall, PLLC Phoenix Estate Planning Attorney, Darren L. Richardson.
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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.