Probate and Estate Administration are two sides of one issue – the distribution of estate assets. A primary reason for preparing a trust in California is to avoid Probate and keep an estate out of court. When an estate does not go to Probate, then Estate Administration is the distribution tool.
Unfortunately, even some of the best drafted trusts may end up in the expensive and tedious process of Probate. If your trust is not “funded,” it may be at risk of this process. “Funding” refers to a process in which certain assets are re-titled and transferred into your trust name, and it may consist of changing certain beneficiary designations to the name of your trust as well. For example, your home, investments, and bank accounts should typically reflect your trust name, rather than your individual name. If an asset is properly titled according to your trust, then at the time of death that specific asset will be distributed smoothly and without court supervision according to the plan you instructed within your trust.
If you are unsure as to whether or not your assets are correctly funding your trust, contact your Carlsbad attorney at The Loftin Firm P.C. to review title to your assets with you. At The Loftin Firm, P.C., we can provide direct assistance in titling and transferring your assets to your trust to ensure it operates as you intended and avoids probate.