Not necessarily. If you have a living trust and do not transfer your assets into the living trust during your lifetime, your estate will not avoid the death probate process. One of the main reasons we have the court proceeding known as probate is to transfer assets from the deceased person’s name into the living. Only the probate court has an ability to appoint an individual the legal ability to sign a legal document to transfer an asset that is in the name of a deceased person. With a living trust, no assets, other than tax-deferred assets, are in the name of you the individual. Rather, the assets are in the name of your living trust. The name of your living trust is typically your legal name followed by the words “living trust.” Krueger Hernandez & Thompson SC strongly believes EVERYONE should have an estate plan. Check us out at KH-LAW.NET.
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