People often create living trusts to help avoid probate.
However if a trust is not funded on a timely basis, the family may still need to appear before the court, which of course is what they were hoping to avoid in the first place! Other complications ranging from time delays, bonding and filing fees or additional legal fees may also arise.
Unfortunately, in many cases the funding step is the responsibility of the family rather than their estate planning attorney. If so, it is important to realize that "creating" the trust is only the beginning, and the funding step should be taken seriously and be completed on a timely basis.
No comments:
Post a Comment