A revocable living trust has many purposes. One of the popular reasons they are created is to avoid probate proceedings at the death of the trust creator. However, this purpose fails if proper titling and beneficiary designations are not created.
In past articles here on my blog and my law firm's blog I have discussed the importance of asset titling and beneficiary designations. The simple rule of thumb is this: if you fail to title, your trust will fail to launch.
As an estate planning attorney, nothing is more frustrating than watching perfectly well drafted trusts fail due to the failure to title assets properly. The titling process is as important in creating an estate plan as the plan documents themselves.
In the article below, this issue is again discussed. I encourage anyone considering estate planning or who already has a plan to review this article.
ESTATE PLANNING: Is Your Living Trust Worth More Than The Paper It's Written ... - Gazette Newspapers
Let me know if you have titling questions or any other questions about estate planning. Thank you.
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