FAQ Friday: Funding
Friday, January 2nd, Attorney Steven M. Berger talks about funding for both Wills and Trusts.
Technically we only have funding with a Trust. However, we do have beneficiary designations for a Will. Both are equally important.
An example of its importance: we had someone sell their beach condo and proceeds went to the husband. Husband put them in a bank account that was under his name alone and there was no beneficiary designated for this account. He died shortly thereafter. Even though his Will gives everything to his spouse, this estate will now be under probate because of this one account. Now they have to hire an attorney and spend so much time on something that could have been prevented.
Another example is when a couple had a joint bank account with their daughter and house sale proceeds went into that account and it ended up going to that daughter when it was supposed to go to all children equally.
Having a Trust can usually circumvent these issues (IF it is funded).
Our trust maintenance program can help our clients keep up with these items and stay on track.
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