Estate planning is the process of anticipating and arranging, during a person’s life, for the management and disposal of that person’s estate during the person’s life and at and after death. For many people, their Estate Plan consists of a Will and Powers of Attorney. While they may have heard about the advantages of a Revocable Living Trust, they still have concerns about trust administration.
Recently, a prospective client indicated that “I am nervous about it because I am a little afraid that I do not have the understanding or skills to administer the trust once created… and that if I needed to work with an attorney in the process that the costs would be high.” So, let’s address some of the concerns about the administration of a Trust:
Concern #1: A Trust is too complex for me to administer and I don’t want to incur more attorney’s fees. Actually, once the trust is established, you should not need an attorney to assist you any further. After the Trust Agreement is executed and you have transferred your assets into the Trust, you will continue to enjoy and use the assets the same as you did before the transfer. However, if you do have questions, at Drizin Law you are not charged additional fees for further advice about your Trust administration.
Concern #2: I don’t know how to transfer my assets into the Trust. If your assets are not transferred into the Trust, then they will be subject to the probate process and this defeats one of the primary purposes of the Trust – probate avoidance. At Drizin Law, the costs of transferring your residence into your Trust is included in the fee and is completed by our attorneys. We also take the time to discuss with you in detail how easy it is to transfer each and every other asset into the Trust. More importantly, if there are more questions during this process, we are only a phone call away!
Concern #3: I don’t want to have to open new bank accounts and sign my checks differently. Most banks do not require you to close old bank accounts and open a new account in the name of your Trust. Rather, you merely have to provide them a copy of the Certificate of Trust and request they transfer the account into the name of the Trust. You are not required to order new checks and you continue to sign your checks just as you did before the account was transferred into the Trust.
“As easy as pie” is a popular saying used to describe a task or experience as pleasurable and simple. The idiom does not refer to the making of a pie, but rather to the act of consuming a pie (“as easy as eating a pie”) which is usually a simple and pleasurable experience. The administration of your Trust is relatively simple and you will always have the attorneys at Drizin Law as a resource to assist you. Moreover, the advantages of avoiding probate are significant. The only thing you will have to remember is that once you complete the transfer of your assets into the Trust, don’t forget to enjoy the pie!
Drizin Law is providing this information for educational purposes only. It should not be construed as legal advice or a legal opinion as to any specific facts or circumstances. This information is based on general principles of Nevada law at the time it was created and you should be aware laws frequently change. Moreover, the laws affecting you may differ depending on the circumstances. You should consult with a qualified attorney in your own state or jurisdiction concerning your particular situation. Review of this information does not create an attorney-client relationship.