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.
Stephen A. Mendel, Estate Planning Attorney
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