Trusts are fine but sometimes they don’t work. A trust gives you continuity in your affairs, and helps you avoid probate. However, you do have to be careful that all of your assets get included into the trust to avoid probate. A pour-over will can be drafted to help avoid assets going into probate that are not included in the trust. Keep in mind, that assets in a pour-over will can be probated. Therefore, if you change your asset mix, buy another annuity, or sell a house and the trust is not updated to include these new items they are subject to probate. Often times, your financial planner or accountant can handle any changes in assets, however your attorney should be contacted when making any real estate transactions to ensure all aspects are handled correctly. Attorney Neil Jensen discusses trusts on KDUZ 1260 AM’s show “Legal Update.”
Neil Jensen is an experienced estate planning and probate attorney based in our Hutchinson, MN law office. Our goal is to truly listen to our client’s situation and create a plan that meets their goals and priorities. Contact our estate planning and probate attorneys at 320.587.2046 to discuss your specific situation.