EXPLORING THE BENEFITS OF FUNDING A TRUST
With Out-of-State Property
In addition to planning out your will and advance health care directives while estate planning, you may also want to add a trust or two. Trusts, when properly executed, provide a number of benefits. To establish a trust, it must be funded and a trustee must be appointed and tasked with managing the trust for the benefit of trust beneficiaries. This means property must be transferred into the ownership of the trust itself, and there’s a wide variety in the type of property you can hold in trust. You can have securities, financial accounts, and even real property held in a trust. You can even fund your trust with property that is out of state, and there are benefits to doing so. A trust can be a great way to avoid the expensive and time-intensive probate process. By circumventing the probate process, beneficiaries are often granted swifter access to an inheritance without having to wait through the completion of an arduous, court-monitored process. Out-of-state property can be used to fund a trust and will require a different transfer process than other property types in order to fund a trust. Real property, which includes
homes, will require the deed to be transferred into the name of the trust. This transfer can occur through a quitclaim deed or a warranty deed. A warranty deed comes along with a guarantee that the property seller has clear title to the property subject to the transaction. Clear title means it is free of liens or encumbrances. When it comes to transferring out-of-state property into a trust, every state will recognize the validity of a properly executed trust regardless of which state the trust was established in. Another benefit to this is that the property will avoid out-of-state probate. When a person dies with property held in other states, that property will likely have to go through an ancillary probate, meaning the person’s estate will have to go through multiple probate processes occurring in multiple states. The expense and time can be much greater than is required of just one probate process.
Do you own property out of state? If so, you may wish to discuss transferring it into a trust. Call us today, and we can help guide you through the process.
SUDOKU
MICHELE’S RECIPE CORNER
DEEP-FRIED NEW YEAR’S ‘COOKIES’
INGREDIENTS
• 2 tbsp yeast • 1/2 cup water, warmed • 1/2 cup and 1 tsp sugar, divided • 5 eggs, beaten • 1/4 cup butter, softened
• 2 1/2 cups milk, warmed • 1 1/2 tsp salt • 4 cups raisins • 7 cups flour • 4 cups canola oil
DIRECTIONS
1. In a large bowl, combine yeast, water, and 1 tsp sugar. Wait 10 minutes. 2. Stir in remaining sugar, eggs, butter, milk, and salt. 3. Fold in the raisins and flour. Cover the bowl with plastic wrap. Let the dough rise for an hour. 4. In a high-sided pot or deep fryer, heat canola oil to 340 F. Line a plate with paper towels. 5. Drop a rounded tablespoon of dough into the oil. Fry until golden brown, then set aside on the plate. Poke the cookie with a toothpick. If the toothpick comes out clean, it’s cooked through! 6. Repeat until the batter is gone.
Inspired by MennoniteGirlsCanCook.ca
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