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Family Matters Newsletter
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Is Your Revocable Trust Properly Funded?
If
you have a Revocable Living Trust (RLT) make sure it is properly
funded. Funding is the process of re-titling assets (changing
ownership) to the name of your Trust or making your RLT the primary or
secondary beneficiary of assets that require a beneficiary designation
(e.g., retirement plans or insurance policies). If
your assets are not titled in the name of your RLT before you pass
away, those assets will have to go through probate, which defeats one
of the main purposes of having a RLT (avoiding probate). Also,
if you have a RLT as part of your incapacity/disability plan and the
Trust is not properly funded, the trustee cannot manage or use the
Trust for your benefit while you are incapacitated. Your loved ones
will have to go through the court-imposed process called Guardianship
or Conservatorship to appoint a guardian or conservator for you. This
means that state law and not someone you choose will decide how you
should be taken care of and how your assets should be managed and
spent. Many
people have an RLT as part of their estate plan to avoid the cost and
delay of probate, but fail to fund their Trust before they pass away.
This results in a Trust that will not work and a huge waste of money. |
You’re invited to call or
e-mail. "If you have questions about estate planning, asset protection, assisted reproduction or surrogacy, please send your e-mail today to nicole @ kinseylawgroup.com or call (301) 968-1630." — Nicole
Phone: (301) 968-1630 * Phone: (202) 643-1837 * Fax: (888) 559-8856
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2006 Kinsey Law Group. All Rights Reserved. Kinsey Law
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