I have persons call my office to review and change their estate planning documents. More and more persons are using revocable trusts as their primary estate planning a tool for a lot of very good reasons. What happens though when you create the trust but never get your assets into your trust by retitling them? We often see good documents prepared by other attorneys but for whatever reason the person has never taken the final steps of funding their trust.
The result can be a huge expensive mess that never should have happened. If the assets are still titled in your name alone they are not going to be trust assets that will be subject to probate if you die. I have had to probate an estate in order to get assets over to the revocable trust to then have to go through the process of transferring the assets from the trust a second time finally to the intended beneficiary or a children’s trust.
Serving Peoria, East Peoria, Peoria Heights, Pekin, Dunlap, Chillicothe, Morton, Washington, Metamora, Canton, Galesburg, Lacon, Henry, Bloomington, Normal and surrounding cities and counties of Peoria, Tazewell, Woodford, Fulton and Knox Counties in Central Illinois.