Revocable Living Trust/ Trust Administration
A Trust is a more advanced method to devise your assets on death and provides some protections during your lifetime. Trusts if funded correctly can avoid probate administration and can avoid guardianships should you become incapacitated or incompetent.Whether you require a trust or a simple will can be established during your free consultation.
How to set up a trust
What to do after executing a Trust
Out of State Property
If properly done, a Revocable Living Trust can avoid Probate administration which is Court Supervised and can sometimes be costly. The Law Office of Francis M. Lee doesn’t just prepare a Living Trust for signature. The team helps you with a critical component which is funding your trust. First the Grantor creates a Trust and designates Successor Trustees to act on your behalf should you become incapacitated, incompetent or upon death. The Grantor also provides distribution on death. Creating the Trust is the first step.
The next step is funding the Trust which is a critical component. The Grantor must retitle assets such as bank accounts, investments, real property in to the name of the Trust. During the Grantor’s life they do NOT lose control over the assets that are funded into the Trust.
If properly funded we have successfully avoided the Probate process. On death a Successor Trustee may still need Mr. Lee’s assistance in administering the Trust however it is not subject to be administered through the court and is a less costly procedure.
Your Trust may be amended or modified during your lifetime. You lose no control during your lifetime. Careful consideration should be taken when naming a Successor Trustee as they have broad powers to act on your behalf. During your free consultation with Francis M. Lee all of these important considerations will be reviewed.