Covid-19, Probate, and Revocable Living Trusts
A crucial step in establishing a revocable living trust is to ensure that the appropriate assets are re-titled in the name of the trust. Failure to do so may require the Executor or Personal Representative of your estate to initiate a probate proceeding to distribute your remaining assets.
The current Covid-19 pandemic highlights yet another reason to avoid the probate process altogether. The current crisis has forced many courts across the US to close or severely limit their operations, making it nearly impossible to go through the probate process.
If a probate proceeding has not yet been started, your beneficiaries or heirs may need to delay the already time-consuming probate process even longer. If a probate proceeding has already started, but the Executor or Personal Representative in charge of administering your estate becomes incapacitated or is no longer able to act, there may be a significant delay before a successor can be appointed to complete the administration of your estate.
Key takeaways:
Utilize a revocable living trust to transfer assets to your beneficiaries.
Ensure that your assets are properly re-titled in the name of your trust.
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