As a follow-up to our "tongue-in-cheek" April Fool's Day post, here's an example of an estate planning attorney who drafted a trust, but didn’t assist with any of the funding. The client thought he and his family were "all set" because they had a trust.
Unfortunately, an unexpected heart attack claimed the client's life, and as it turned out, everything was not "all set." There was nothing in his trust and all of his assets went through probate. His probate estate incurred $20,000.00+ in legal fees to go through the probate process.
Without funding your trust with assets, your trust will not accomplish your goal of avoiding probate and of making it easier and less expensive for your loved ones and beneficiaries down the road.
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