Things To Do Today

Probate takes your money and gives it to the court Things to do TODAY
How many out in blogland love to procrastinate?  Well, maybe you don't love to procrastinate but you do it anyway, right?  

 Like holiday shopping, or buying the wife an anniversary gift, or waiting until 3:00AM to do your homework, or making that dentist/doctor appointment, or updating a will/trust.

 It was because of that last one (updating a trust) that compelled a couple to come into my library the other day.  Seems once upon a time Dad had prepared a trust.  Spent thousands of dollars on it, he did.  Then one day, Dad died.

 The way the couple told it, Dad was meticulous.  Dad had planned for everything.  Every piece of property was accounted for, every penny was identified, everything was planned down to the finest detail.  

 Problem was, while everything was carefully examined, "someone" had failed to fund Dad's trust.  Not a single asset had been transferred to Dad's trust before he died.  

 Big OOPS!

 So, wait, what's the perkara with not funding a trust? Basically, if you don't fund your trust before death:
  • Assets the deceased owned will be probated (with a big chunk going to the courts)
  • Your estate may pay more in estate taxes (equals less money for beneficiaries)
  • You may unintentionally disinherit people (makes for awkward reunions)
  • A conservator must be established to represent minors (and is paid by the estate)
Couple is now standing in front of me with pleading eyes begging me to tell them everything will be ok and that there is a magic document that can help them avoid probate.  Oooooooh that dreaded word: Probate.  The place that sucks everyone's inheritance down the drain.

 Turns out, there was no magic document.  Because "someone" failed to fund Dad's trust, Dad's trust is not worth the paper it was printed on.  

 Of course, I couldn't tell couple that (legal advice, and all).  What I the non-attorney/Librarian could tell them was that they were in for not a few hours of research and suggested that take a look at:

and off couple went to lick their wounds and prepare their case.

 I guess the watak to this story is, you can never be too prepared.  If you think you've got every "T" crossed and every "I" dotted, might I suggest you do it again because I'm betting you (or "someone") forgot to do something.

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