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Avoiding Estate Planning Mistakes- Step 5

Avoiding Probate – A Worthy Venture

Sam and Shirley wanted to make it easier on their family when they passed away. They loved the idea of “avoiding probate” and saving legal fees.

So, with this

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in mind, they created revocable living trusts.

Revocable living trusts offer multiple benefits including backup asset management and probate avoidance. But if clients fail to transfer assets to the trust, the trust remains an empty shell that offers no benefits. Moving assets to the trust requires some paperwork but the most difficult part is often getting clients to do it.

The key is to fund your revocable living trusts or else there will be probate. Funding means that you have to change title of the asset. For example, if you own a home, the deed to your home has to be changed so that the trust is now the owner. Every asset has to be examined as to whether title needs to be changed and in what manner.

For more on the “Peace of Mind” program at Vincent J. Russo to avoid these problems, visit: www.vjrussolaw.com.

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