Issue link: https://www.ifoldsflip.com/i/432137
6 LIVE IT UP! FRIDAY, SEPTEMBER 26, 2014 SANTA CRUZ SENTINEL Getting Your Ducks in a Row: Did you follow through with your living trust? Wills are not the only option for end-of-life planning. Many people choose a living trust because it can pass assets without going through probate. Probate is a long, expensive, public process in court where the property of a deceased person is transferred. A living trust designates a person who is called the trustee to hold legal title of the property in the trust for the beneficiaries. Typically the person who created the living trust will act as trustee. A successor trustee is nominated to take over when the original trustee passes away or loses capacity. This successor trustee is usually a child, friend, or professional fiduciary. For example, Grandma and Grandpa create "The Gram and Gramps Living Trust." Can they be confident that the trust will be administered as they envision? Some less expensive trust options leave trust funding entirely to the person who created the trust with little or no instruction. Funding a trust means to change the title of the trust property from the name of the person to the name of the trust. If Grandma and Grandpa do not fund their trust, it might have to be probated despite their effort to avoid making their children go to court. You should consult your attorney if your trust or a trust you are nominated to administer is not properly funded because there are safeguards that can protect assets from being probated under the right circumstances. A trust can be an extremely beneficial and ultimately less costly planning tool for your children and other beneficiaries. However, if signed and forgotten, the trust will not carry out your legacy in the way that you hope. A trust needs to be properly funded. Also, you should consult your attorney once a year, if possible, or during any significant life event in order to ensure its continuing validity because laws applicable to trusts change and life events such as divorce or death can alter how a trust will be implemented. Written by Shelli Strahle, Esq. SBN 288839 - Strahle Legacy Planning. You can reach her at shelli@santacruzestateplanning.com Life | Health | Medicare | Long-Term Care Manfred Luedge • 831.750.9343 mluedge@HealthMarkets.com www.healthmarkets.com/mluedge Find Medicare Confusing? Need help with Supplemental Plans? Trying to decide which Prescription Drug Plan is best for you? We can help with all your insurance needs, including: • Long-Term Care • Final Expense Contact your local agent: Manfred Luedge Annual Open Enrollment starts in October!