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Will is a particular type of Will. Wills
pass certain assets at the signer's death. Assets that do not pass under the
Will are: assets that have a
beneficiary, assets that are in joint tenancy with one or more surviving
persons and assets owned by a Trust.
There is a
two step process for a revocable trust:
Signing it and then funding it. Funding means changing the title and
owner of the creator's assets to the name of the Trust.
of Trusts forget to make their trusts the owner (or in some cases the
beneficiary) of their assets. Good
practice dictates that the attorney who drafts the Trust also prepare a
Will says that any assets that the Creator of the Trust failed to transfer into
the Trust during his or her life (and assuming the asset was not held in joint
tenancy and that there was no beneficiary) will pass to the Trust at the death
of the signer of the Will. Stated
simply, the trust is the beneficiary of the Will.
Trust is intended to avoid probate.
Suppose the Client owned 5 pieces of real property but only gave the
attorney deeds for 4 of them. On these 4 properties, the attorney prepared
quitclaim deeds from the Creator to the Trust. The 4 quitclaim deeds were then
signed, notarized and then recorded.
number 5 will go through probate. It
will pass under the Pour-Over Will. It
will only become part of the Trust at the end of the probate. The order of final distribution ending the
probate will order property number 5 distributed to the trust and that order
will be certified and recorded to clear title.
Properties 1, 2, 3 and 4 do not go through probate.
Spiro is a Beverly Hills attorney who is a certified specialist in
Taxation and in Estate Planning, Probate and Trust Law. He holds a Masters
Degree in Taxation from Golden Gate University and has taught tax and estate
planning courses at UCLA and USC. He has been named as Super Lawyer by
Los Angeles Magazine.
Access Randy Spiro's
Martindale-Hubbell profile on www.martindale.com