Bob Linhares Probate Law

A revocable trust is only valuable to you and your loved ones for avoiding probate if it is properly funded. In other words, certain assets should be titled in the name of your trust or the trust should be designated as the beneficiary. For example:
Real Estate - A General Warranty Deed should be recorded to title your real estate in the name of your trust.
Investment Accounts - Your regular investment accounts should be titled in the name of your trust or the trust should be designated as the beneficiary.
Retirement Accounts - Your IRA accounts will remain in your name, but the particular beneficiary designation will depend on considerations such as the amount of funds in the IRA, your age and marital status, and the age and health conditions of your spouse and children.
Bank Accounts - Your checking and savings accounts should be titled in the name of your trust or include a “Payable On Death” (POD) designation identifying your trust as the recipient of the funds upon your death.
Vehicles and Watercraft - Your vehicles, boats, trailers and motors should include a “Transfer On Death” (TOD) designation to your trust on the title.

My service to you as your estate planning attorney doesn’t stop after you sign your trust and last will and testament. I work with you and your investment advisors to be certain your trust is funded correctly and follow up to confirm that the requested changes are made.

Funding your trust properly will assure that the assets will be distributed properly for any purpose for your beneficiaries. Your trust should include provisions for beneficiaries who are disabled or eligible for needs-based governmental benefits, like Medicaid, to protect the assets by placing them in a trust that doesn’t count toward qualification for benefits.

What would happen if you die after creating a trust but one or more of your assets was not titled in the trust or did not have a designated beneficiary? The personal representative you designate in your last will and testament would have to file the will with the probate court and open a probate estate in the county where you resided at the time of your death. The will would then direct that the asset be transferred into your trust and distributed according to the terms of the trust. Probate estates have a cost in dollars for fees for court filing, publishing notices and your attorney’s billing. Also, there will be a cost in time for court approval, which varies by county (from a few weeks to several months) and, in the case of a full estate, a waiting period of six months after the notice of the issuance of Letters Testamentary is published for any claims to be filed before the estate can be closed.