We recently assisted a client in resolving a complex probate matter that could have been entirely avoided with proper estate planning implementation. The decedent had established a revocable living trust intended to transfer all assets to his life partner upon his death, and named her as successor trustee and sole beneficiary. However, none of his assets were ever transferred (“funded”) into the trust during his lifetime.
As a result, despite having a trust in place, all assets remained in the decedent's individual name at death and were subject to probate. His surviving partner—who depended on him financially—was left without immediate access to funds. It took several months to open the estate and restore access to assets, and more than 18 months to fully administer and transfer those assets into the trust.
This situation arose because the decedent was not properly advised on the critical step of funding the trust, including the retitling of real estate and the transfer of financial accounts. With proper trust funding, probate could have been avoided entirely, and the surviving partner would have had immediate access to the assets upon the decedent's death.
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For personalized advice on estate planning, including strategies to minimize or avoid probate, contact Will and Trust Planning today. Our experienced estate planning attorneys can help you understand your options, draft essential documents, and create a plan that protects your assets and achieves your goals.