Importance of Funding Your Trust During Times of Crisis

No Need for Probate Court

Modern estate planning relies on a simple trust rather than a last will and testament. Our clients who have established a trust are well aware that funding the trust is critical. Funding the trust means that the trust becomes the owner of your possessions. This is done so that when the client passes, they personally own nothing. In this way, their family does not have to involve the probate court to settle the affairs of the client. Often this is called probate avoidance. Probate court is expensive and time-consuming.

Avoid the Delay

It frequently happens that people set up trusts but fail to transfer their assets. Many lawyers simply help you draft and sign the trust without making sure you have properly funded it. In the current climate of COVID 19, the courts are either closed or they are open for limited purposes. What has historically been a frustrating process for families is now infuriating.

If a trust has not been properly set up and funded, then many decisions to be made by the family must wait for the court. If the deceased had a small business, or real estate investments, or simply owned a home then delays can be costly. A trust set up by qualified counsel that has been funded correctly eliminates the involvement of the court and allows your family to make decisions and to fulfill your wishes.

Best Option for Your Family

In normal times, a modern estate plan based on a simple, revocable trust, is usually the best option for our clients. When properly funded the trust is an invaluable tool for your family to handle your estate.

If you are not sure your trust is properly funded or if you think you need to establish a trust then call or email Legacy Trust and Wills. While the crisis continues, our attorneys are offering free, fifteen-minute, telephone consultations that may set your mind at ease.