Since Norman Dacey published his landmark 1960s book, Avoid Probate, revocable living trusts have become a popular means to transfer wealth at death. The use of a revocable trust can minimize or eliminate the supervision of probate courts; increase privacy, reduce expenses and costs; and simplify the administration process at death. However, Trusts will only accomplish these purposes when assets are successfully funded into trust prior to or after death. A failure to fund can result in costly probate proceedings or worse—a transfer of your estate to the wrong beneficiaries. Rather than undermining the very purposes of the trust by failing to fund, individuals should take concrete steps in order to ensure complete trust funding.
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Wills, Trusts, & Estate Planning Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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