A living trust is a great way to manage your property while saving money on taxes. It also allows you to leave property to your loved ones without having to go through the hassle of probate. However, a living trust is useless unless you transfer assets and property to it. While setting up a living trust is relatively simple, transferring assets to it can be a little tricky.
There are several procedures to fund a living trust. The method you use depends on the type of property or asset you'd like to transfer. If the asset is something you have title to, you'll have to transfer title of the asset. These types of assets include automobiles; real estate; bank accounts; stocks and bonds; and non-IRA and non-401(k) investment and brokerage accounts. In order to transfer title, you'll have to change the name of the owner of the asset from yours to the name of the trustee. Some assets don't carry a legal title. Since there's no title, you'll have to transfer your rights to the property to the trustee. There's a slightly different procedure for assets to which you're a beneficiary. These include retirement accounts, life insurance, pension plans, and health savings accounts. In order to transfer these, you'll have to change the listed beneficiary to the name of the trustee.
You can avoid much of the hassle of funding your living trust by setting up a pour-over will. When you die, all your assets not assigned to heirs, including all money, property, and benefits, will then "pour over" into the trust in accordance with your will. There are downsides to this approach, however. Your family won't be able to avoid probate and the accompanying expenses, as they would have had you funded the trust while you were living.
Not sure how to ensure your estate planning is the best it can be for you and your loved ones? Don't worry. Many people have similar questions and go through the same line of questioning when deciding how to make their estate plan. It can be and often is critical that you get legal help understanding the basics of the estate planning process. The best way to get this understanding is to contact an experienced estate attorney near you. Stop and take a breath and call an Amarillo attorney who has had decades of experience. Pick up the phone and call Amarillo Attorney Bill Cornett. Bill is your choice as an experienced estate planning attorney in Amarillo and the Texas Panhandle. Don’t waste another minute. Call him today.
Your most important action may end up being the phone call that you make to your Amarillo estate planning attorney lawyer. In the Texas Panhandle that call should be to Amarillo attorney Bill Cornett. Whether you need assistance with a will, administration of an estate or a contested probate, contact the Law Office of Bill Cornett. Be smart…remember these phone numbers (806) 374-9498
or (800) 658-6618.
Bill Cornett, Amarillo Attorney, with Cornett Law Firm offers affordable, qualified services as an experienced personal injury lawyer, probate attorney, family law attorney, criminal law attorney, DWI attorney and divorce attorney. Bill also has experience in estate planning and agriculture law. Sit down with Bill at his office located at 612 S. Van Buren St. in Amarillo TX by calling (806) 374-9498 or (800) 658-6618 TODAY to schedule a free consultation.
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Bill Cornett grew up on a farm in Knox City, Texas. He received his Bachelor of Science in Agricultural Economics from Texas Tech University and his Doctor of Jurisprudence from the University of Houston Law School. Bill was licensed to practice law in the State of Texas in 1973.