I’m also asked, “How do I fund my trust?”. Well funding a trust occurs when the assets that you own as an individual, are transferred into your trust. For example, at the Collins Law Group, we provide our clients with funding letters which they present, in person, to their financial institutions, to ensure that their bank accounts are properly transferred into trust. When it comes to real estate, we prepare quick-claim deeds for our clients to ensure that their real estate is properly … [Read more...] about How Do I Fund My Trust?
TRUST ADMINISTRATION & PROBATE
I often get asked, “What will happen to my property if I die without a will or a trust?”. Well if you die without a will or a trust, the state determines who will be your ultimate heirs, through a court supervised process called probate. Probate is a public process, it’s a costly process, and worst of all, it can be a lengthy process. It typically takes anywhere between six months to a year, but if you have family drama, it’ll take much longer than that. … [Read more...] about What Happens to Your Property Without a Living Trust?
I’m often asked, “Can I revoke my trust, or can I make changes to my trust?” And the answer is yes. Making minor changes is generally called an amendment and making multiple, major changes at one time, is called a restatement. And you can always revoke your trust at any time while you are alive. … [Read more...] about Can I Make Changes to My Living Trust?
Social Security will continue to send out benefit checks until they are notified of an individual’s death. The executor/spouse/trustee should contact the local Social Security Administration office and notify them of the death, or if a benefit check is received, send it back with a letter notifying them. This is important. If checks continue to be deposited, the recipient can incur liability later when Social Security learns of the recipient’s death. … [Read more...] about What do I do about Social Security?
If you are a relative of the deceased, this is simple in most states. To transfer the title of vehicles owned by the deceased, simply take the death certificate to the DMV, and perform the transfer, paying whatever fees they require. If not a relative, bringing along the will and or any trust documents indicating your status should be sufficient. … [Read more...] about How do I transfer the car(s) into my name?
The answer depends upon the language of the trust document. Certain trusts include “pick and choose” language that allows trustees to selectively place assets into the “B” trust. … [Read more...] about Can I pick and choose what assets go into the “B” trust?
While having a living trust can significantly reduce costs compared to probate, there is still a considerable amount of work to be done in properly administering even a simple living trust. The services of an attorney are required, and that person or firm should be compensated fairly for their services. It is important to remember that the fees allowed for trust administration are usually much lower than those for probate, and there is generally less work involved, as there is less involvement … [Read more...] about I thought that a living trust avoids probate and attorney fees. Why do I have to pay more fees?
To summarize the process, trust administration can be broken into five basic steps: Inventory assets Determine estate tax Division of trust assets File the Federal and State tax forms Distributions to beneficiaries Although the trust administration process seems relatively straightforward, there are several reasons it can sometimes be drawn out over several months or even years. The first step, the inventory of assets, must be completed before the trust administration can … [Read more...] about Does the Trust Administration process take a long time?
Probate begins and ends with the special Probate Court set up in each state to handle estate issues. (Sometimes known as the Orphan’s or Chancery Court in certain states.) All actions taken regarding the estate are accountable to this court, and must be noted and reported regularly. This court is staffed by special judges qualified to oversee estate resolution issues. … [Read more...] about What is Probate Court?
Depending on the complexity of the estate and the thoroughness with which accounting has been carried out before death, probate can either be a relatively simple task or a daunting one. Be aware that no matter the situation, probate may be a lengthy process often taking months or possibly years to play out, and one which may take a considerable amount of an executor’s time. To summarize the process, probate can be broken into six basic steps: Validation of the Will Appoint executor … [Read more...] about Does the Probate process take a long time?