By accounting I mean making sure you keep everything titled correctly.What extra accounting?There were only two disadvantages. One is the
As it stands, I can see several advantages of the trusts and no disadvantages. We have had them for many years and there have been no drawbacks.extra accounting which some people don’t care about and some people find it impossible to keep straight. The second is that the revocable trust does cost more and if you somehow end up in probate, it was all for nothing.
It would be "all for nothing" if the only goal had been to avoid probate.
But probate would not eliminate the advantages for someone taking over for the grantor while the grantor was still alive.
It would not negate the ease and speed of access of the trustee to those assets that were held in the RLT.
It would not eliminate the advantage of avoiding ancillary administration for out-of-state property.
If there are some people for whom the privacy matters, then probate does not eliminate that benefit of the RLT.
extra accounting which some people don’t care about and some people find it impossible to keep straight. The second is that the revocable trust does cost more and if you somehow end up in probate, it was all for nothing.They’re also open to attacks by untrusting beneficiaries and a formal accounting of their actions as trustee. But sure, I concede this point since AZ has not adopted the uniform POA act. Nevertheless, it’s usually not that bad. Plus by the time you’re of that age, a trust makes more sense.
What speed? I get letters in 2 days if I really wanted to.
You need out of state property first. Or you could just sell it. Or you could use a bene deed.
No one actually needs that unless they have a mistress or are a very famous person.
Statistics: Posted by Lee_WSP — Fri Jun 21, 2024 11:11 pm — Replies 33 — Views 3190