Sunday, April 13, 2008

Making a Revocable Trust Work Right

John Dedon of Dedon On Estate Planning has a good summary on some key issues to keep in mind after you establish your revocable trust. One of the key advantages of a revocable trust plan is the capability of your estate to stay out of probate. While there are advantages and disadvantages to each plan, one of the biggest downfalls, as noted by Dedon, is the failure of individuals to properly fund the trust (read - transfer assets to the trust).

While it is possible to transfer certain types of assets that are left in an individual's name to a trust post-death, there are no guarantees that it can be accomplished. It typically involves time and expense, some of the key issues a trust seeks to avoid.

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