“I am about to get remarried, so we are waiting until we merge our assets” OR
“We are about to move around several of our accounts, and we want to get our financial affairs in order first”
You do not need to wait until your assets are settled to establish a Revocable Living Trust. In fact, it saves time to create the Trust first. The first step is to create a Trust itself that designates people in charge and sets up beneficiaries. The second step, the Trust funding, is an ongoing process any time you buy a new home, open a new account, or change banks. Don’t worry, we provide straightforward instructions for retitling your current and future assets. Our Trust funding instruction letter identifies how to retitle your accounts based on the asset type. We also encourage each client to review their letter annually in case any new asset didn’t get properly titled right away.
“We are thinking about purchasing a new house, so we will wait until that is handled.”
Maybe you are not in your forever home yet. Still, you should not let a potential local move affect your decision either. For any real property you own in Maryland or Virginia, we prepare a Deed placing the property into your Trust. This does not affect your ability to sell, mortgage, refinance, or open a line of credit. If you were to purchase a new property after establishing the Trust, you would simply have it titled into your name, actually saving yourself the cost and hassle of preparing/filing a new deed.
“I am in the midst of some medical issues.”
Please have an Estate Plan in place before any major medical procedure for your own peace of mind. Giving birth definitely fits the bill.
From our Probate clients: “This is all so overwhelming, I want to get everything taken care of first.”
Often the Personal Representative is going to be receiving a share of the Estate. You will want to have everything in order before you receive the distribution so it could be titled correctly right away.
The typical Probate case can last between nine months and a year, if not more. Estate Planning can be completed in 2 to 4 weeks, giving you a sense of accomplishment right away. The bulk of the information needed to complete the Estate Plan is already part of the initial Probate paperwork.
Please call us at 301-696-0567 or self-schedule at lenaclarklegal.com if you would like to help protect your assets and loved ones in the event of death or disability.
Sign up for our monthly newsletter: bit.ly/LOLACnewsletter