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Home » BLOG » After Getting a Revocable Living Trust

After Getting a Revocable Living Trust

February 27, 2013 by Stephen A. Mendel, Estate Planning Attorney

Getting a Revocable Living Trust is an important step in avoiding Probate hassles. However, it is only a first step and there are other things that you should do. Everyone’s case is slightly different, but here are a few things to consider after getting a Revocable Living Trust:

1. Fund the Trust. This is the most important step. A Revocable Living Trust does not do any good if you do not transfer your assets to it. You do not have to transfer all of your assets to the trust, but your most important ones should be in the Trust. Most importantly, transfer any real property into the Trust.

2. Get a Will. Anything that you do not put into the Trust, will go through the normal probate process after you pass away. If you do not have a Will, then state law determines who gets those assets. A good idea for many people is to make a pour over Will, which states that anything left after you pass away and not otherwise disposed of goes into the Trust that you created.

3. Purchase new property and open new accounts in the Trust’s name rather than your own. You do not stop acquiring assets after you get a Revocable Living Trust. Make sure that any new assets are a part of the trust.

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Stephen A. Mendel, Estate Planning Attorney
Stephen A. Mendel, Estate Planning Attorney
Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.
Stephen A. Mendel, Estate Planning Attorney
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Filed Under: Trust Administration, Wills and Trusts Tagged With: Estate Planning, estate planning attorney, pour over will, real property, revocable living trust, will

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About Stephen A. Mendel, Estate Planning Attorney

Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.

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