Hi my name is Chez and I’m a 10 year old tabby cat born in an alley way in Eugene, Oregon. The vet says I’m overweight at 18 lbs but I think I’m just big boned. Needless to say, I do not take their weight loss orders very seriously. I like to spend my days lounging in the backyard, killing a bird or two when I’m feeling extra frisky, and meowing at the top of my lungs for wet food. I have a puppy dog brother who is so annoying and steps on me every day. My parents also have a 5 month old baby they constantly fuss over. Lame! But other than that, I live a great life. Meet Chez!
The Secret to Avoiding Probate
Probate is an expensive, time-consuming process in which a court oversees the distribution of an estate. However, there are ways to avoid the hassle. If you have a trust, General Transfer Document, and Pour-Over Will, you’ll likely be able to avoid probate entirely — but only if you do one crucial thing: Keep your trust fully funded. The person who sets up a trust is known as the settlor. The person who manages the assets within that trust is called the trustee. One person may take both roles. The trustee agrees to manage the assets of the trust in the best interest of the beneficiary, the person who “benefits” from the assets. The trust also outlines how the trust will be administered and the powers the trustee has. Each time you acquire a new asset, you must ensure that the asset is properly tilted to the trust to legally transfer that property to the possession of the trustee. If you don’t transfer new property or assets into the trust, those assets will not be in the control of the trustee, and so probate could become necessary. In order to avoid this, make sure that your trust is fully funded. “Funding” a trust is simply the process of transferring assets into the possession of the trustee. A General Transfer Document and Pour-Over Will can also help prevent your estate from entering probate. Both options specify that you intend for all assets, no matter where they are situated and when they are acquired, to be transferred into the trust. That said, it’s still crucial that you keep your trust funded. Keeping your trust fully funded may sound like a simple task, but it can quickly become complicated if you have a lot of property in your name or if you’re dealing with several different assets and accounts. You can also incur taxes if the funding is done improperly. That’s why it’s important to work with a trust attorney who can help you plan and fund your trust the right way. If you do this, you’ll be able to avoid probate and keep your estate and beneficiaries safe from unnecessary expenses. To get started with your own estate plan or update your existing one, contact our office today. Hint: It’s Related to Your Trust!
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