A LOCAL STORY ON HOW A LIVING TRUST WORKS
Recently I received an unexpected voice mail . “ Annetta , this is Tom . Remember , you set up a Living Trust for Jane and me ? I need you to call me back . Also , I would love to have you come over for Janeʼs Rosary on Sunday night . She passed away on Wednesday morning . I am still so upset that I canʼt remember the name of the mortuary . Annetta , I will talk to you soon to set up a time when you can come over and assist me in what I need to do first .”
These calls are always surprising , but in this instance more so because Jane was a 57-year-old woman with good health and a thriving career . My next thought was that if I remembered correctly it had been less than a year since I had consulted with them and advised a Revocable Living Trust for their estate plan . Checking their file I verified that . I also remembered that Jane wasnʼt particularly sold on the idea of a Trust . However , after more than one appointment and answering many of her questions , I gave her some time to think . She then agreed with Tomʼs desire to get the Trust .
When I met with Tom a few weeks later we reviewed the steps to take after the first death of a trustee of a Revocable Living Trust . The survivor , the husband in this
case , is still one the two Trustors ( sets up the Trust ) and one of the two Trustees ( manages the Trust ). Therefore , no changes had to be made in the Trust ; and he could still manage the assets in it just as they both had in the last 10 months . Furthermore , since all of their assets were titled into the Trust , he didnʼt have to take her name off of any of them . The only paperwork that he had to deal with was including death certificates with forms for Janeʼs life insurance and retirement plans proceeds .
During my meeting with Tom he said over and over again how thankful he was that he and his wife had gotten a Trust from me .
“ I am so glad that we decided to get a Trust . And remember how Jane was reluctant to get one ? Who would have thought that several months after we got a Trust , Jane would pass away ? Now that Jane is gone , I canʼt believe that there is so little to attend to in the Trust . As confused and upset as I am , the last thing I would want to do is deal with Probate !”
Names have been changed for privacy protection .
Submitted by : Annetta Munstermann 928-772-8834 Owner and Operator of Wills , Trusts and Trust Reviews
Expires : 2-28-17
20 February 2017 pccnews