What is an Estate Plan?
Estate plans often include a revocable trust to avoid probate, plan ahead in the event of a disability, or other reasons. An attorney prepares the trust, and everyone signs it. Next, the trust has to be funded, meaning the assets which will go into the trust must have a change of legal title. For homes/real property, a deed must change ownership. For financial accounts, the name will have to be changed with the custodian of those accounts. For other assets like personal effects, it is a simple change by listing those assets in the trust document. What happens if the ownership doesn’t change to that of the trust? You have wasted money paying for the trust document, your assets remain a part of your estate, and your loved ones have to go through the probate process. Contact Elder Law Firm for a 15-minute consultation to discuss your situation.