Cristyn: Today, we’re going to talk about what happens when you fail to fund a trust properly. Nicole, if you could tell one of your horror stories first?
Nicole: Yes. We had a probate case come in where the decedent had created a trust in another state and put nothing in it. His real property wasn’t in it. No accounts were in the name of the trust or had it even as the beneficiary. We had to open a probate. Everything got pulled into probate, for a trust that was never even funded, but that doesn’t happen at Axis Law Group. We walk you through and make sure your trust is properly funded, and that you avoid probate.
Cristyn: Yes. I have a somewhat similar but not as bad horror story. In this case, there were eight pieces of real property, and seven of them were in the trust. When the granddaughter who was set up to be a trustee and the personal representative called, she was an attorney in a different state, and she was like, “So there’s only one property. Do we have to go through probate?” She obviously didn’t practice probate law. I said, “Yes, that one property by itself is enough.”
Then just like with Nicole, because we have to go through probate, we have the same deadlines we have to meet. We’ve got all this time we have to wait, and then all these added expenses that would never have happened if the trusts were properly funded. The lesson here is to fund your trust properly, and if you don’t know how, talk with the attorney who helped you set it up.