Mineral rights and the interest in them have been central to the plot of many a movie and book and for good reason.

Mineral rights can be one of the most complex inheritances for an heir, often due to their value, be it perceived or in black and white.

If a deceased loved one has left a will, the executor of the will may transfer mineral rights to heirs, making it possible to mine or sell resources yourself or enter into a mineral rights lease so others can remove them.

A title search should be done to confirm mineral rights ownership as mineral rights are frequently separated from surface in real estate transactions. This search will also determine the percentage of rights owned. If there is a current lease in place, the executor can transfer the interest in the lease to the heir so royalties are paid to the new owner.

If an owner splits mineral rights between heirs, the fragmented mineral rights may be owned by siblings or, if heirs sell or transfer mineral rights, the heirs may not even know one another. Oftentimes, oil companies will contact heirs when rights are transferred, and that transfer becomes record in the county where the rights are located.

If a landman contacts a new mineral rights owner to propose a new lease, it could be time to contact an attorney with experience in oil and gas leases. The landman, or representative of an oil company, often has information regarding the value of other surrounding rights, drilling history, future plans, and a general knowledge of the business many mineral rights owners without expertise rarely possess. An attorney can guide lease discussions and can help new owners avoid common mistakes, like a contractual clause to automatically renew a lease without renegotiating its value. An experience attorney can also study the county records to determine the mineral interest and check the Oil and Gas Conservation Commission website to determine the wells that have been drilled adjacent to the mineral interest. Information can be pulled from the website such as a drilling history, permit status, production records, and electric logs with various other information. A review of the county records will also reveal the companies that have entered into oil and gas leases in the area that may be candidates to take a lease from a mineral owner.

An experienced attorney can be a boon if mineral rights owners wish to sell their mineral rights. A landman is often tasked with providing accurate information to all parties, negotiating terms, and protecting the good reputation of the industry, but legal representation can help an owner navigate the valuable rights underfoot.

Selling a Deceased Loved One’s Real Estate: Things You Need to Know

After the death of a loved one, such as a parent, there are a variety of tasks that must be handled to wrap up your loved one’s final affairs. Selling your deceased loved one’s real estate is one of the more daunting ones. But before you call a real estate agent, you should take some time to get familiar with and consider a few of the key issues as you work through this process.

Who Owns the Property?

The first task is to understand who is, in fact, the legal owner of the property. Many families are surprised to learn that their family member was not the legal owner of the house where the relative had lived for years. Perhaps the family member was renting all along or owned the home jointly with another relative or a friend.

How do you find out whether your loved one was the actual owner? You must locate and examine the last vesting deed for that property. “Vesting” means that the ownership has become genuine and legal. The deed (the legal document that creates ownership of the property) contains the information needed to determine ownership of the land. When someone takes title to property, the previous owner signs a deed. Then the deed is recorded with the regional government office, often called the recorder, that keeps track of land ownership. In most cases, a deed must be recorded before the land will vest in the new owner. If you cannot find a copy of the recorded deed among your loved one’s important papers, you may need to go to the city or county recorder’s office, a title company, or an attorney with experience in real property transactions to get help searching for the deed in the property records and determining whether your loved one owned the property.

Once you have located the recorded deed, you will see the type of legal ownership. Each type of ownership has different legal implications, so understanding the differences is crucial, and you should get help where you need it to take the necessary steps to sell or transfer ownership of the property.

 Appraising the Property

It is a good idea to have the property appraised as soon as possible after your loved one’s death. An appraisal is beneficial for a variety of reasons: 

• If you sell the property to a family member or a friend, or even if you choose to purchase the property yourself, a professional appraisal will protect you as the trustee, personal representative, or executor should other heirs and beneficiaries claim that you sold the property in a self-dealing manner for less than full market value.
• If you sell to an unrelated third-party purchaser, an appraisal will help you determine whether you are getting a fair price for the real estate and protect you from accepting low-ball offers. It will also protect you as the trustee, personal representative, or executor from claims that you are not acting in the best interests of the beneficiaries.
• If your loved one’s estate could be subject to estate taxes, an appraisal will help you verify the value of the estate for tax purposes.
• If you intend to sell the property later, an appraisal will help you determine the new tax basis of the property, established upon the death of the previous owner, so you can accurately calculate the capital gain or loss when you ultimately sell the property.
• Documenting the proper value of the property can also help with obtaining insurance sufficient to cover any damage to the property while you are administering your loved one’s estate or trust.

Maintaining the Property

When you are handling the final affairs of a loved one, properly maintaining the property until it is ready to be sold is another important task. For instance, you must determine if the property still has a mortgage against it and whether there are sufficient funds in the estate or trust to continue making mortgage payments. If not, you could risk foreclosure, which can exponentially complicate your job. If funds are available, you should ensure that timely payments continue to be made.

In addition to maintaining any mortgage payments, you should also make sure that the property taxes and any other necessary payments such as water, electricity, natural gas, yard maintenance, security system, etc., are timely paid. With respect to phone, internet, and cable bills, you should determine whether those are necessary. Certain alarm systems require a phone line or internet connection to function properly.

A Seller’s Required Disclosures

Once you have listed the property for sale, you must be sure that you know what disclosures about the property the applicable laws and regulations require. In some states, you are required to disclose a variety of property conditions to potential buyers. Failing to do so can expose you to significant liability and even litigation in some cases. Some of the more common disclosures you should be aware of include

• asbestos, mold, water damage, or lead;
• mechanical or electrical problems or issues;
• structural problems;
• hauntings or deaths that occurred in the home, including natural deaths, murders, or suicides;
• boundary disputes;
• environmental and natural hazards, such as high radon levels, contaminated soil, electrical hazards, high water tables leading to frequent flooding, etc.; and
• drug-related hazards, e.g., meth labs.

Check with your real estate agent or attorney to determine what disclosures are required under state law.

Selling the property of your loved one does not have to be overly complicated, and it can often be done very quickly and efficiently. Now that you are armed with the above information, you will be far better prepared to handle this important aspect of your loved one’s final affairs. If you need help, we welcome the opportunity to visit with you about your specific needs. Call us today.

Estate Planning: Answering Common Questions of Senior Citizens

According to a study conducted by Caring.com, the percentage of people aged fifty-five and older who have created a will has fallen from 60 percent to 44 percent since 2019.^[1] Although creating or updating your estate planning may seem like a daunting task, a proper estate plan can help address the concerns you may face as a senior citizen. We are here to help you.

 Who can help me if I am unable to manage my own affairs?

According to a survey conducted by the US Census Bureau, approximately 69 percent of survey respondents who were age eighty-five and older had at least one type of disability.^[2] As you get older, it is more likely that you may need assistance in handling your financial and medical affairs.

 A financial power of attorney allows you to choose a trusted person (an agent or attorney-in-fact) to handle your financial matters (sign checks, pay bills, file taxes, etc.). Without a financial power of attorney, a court will need to appoint someone if you need someone to handle financial matters on your behalf. This can take time and money that may not be optimal in the midst of a crisis.

A medical power of attorney allows you to appoint a trusted person as your decision maker to communicate or make healthcare decisions on your behalf if you cannot do so. If you do not have a medical power of attorney, the court may be required to name someone to make these decisions for you, costing your loved ones time and money and infringing on your privacy.

Can someone help me if I am out of town?

A recent New York Times article explored the trend of individuals over age sixty-five traveling more now that a COVID-19 vaccine is available.^[3] Whether you are visiting loved ones in another state or crossing countries off your bucket list, you, too, may be traveling more now than you did before. However, the world does not stop just because you leave home for a period of time. A financial power of attorney can allow your agent to handle financial matters on your behalf while you are out of town. Although it may seem scary to allow another person to manage your financial affairs, take comfort in the fact that you can still act on your own behalf if you are able, and if your agent makes a decision you do not like, you can remove them as your agent. This means that you can go out of town and feel assured that your agent can handle your financial affairs, if necessary, while you are gone.

How do I protect my loved ones after I am gone?

Unfortunately, no one is immortal. At some point in time, you will pass away. Although you will no longer be with your family, you can still have a direct impact on your loved one’s financial future. A trust is a great tool to hold the money and property you want to give to your loved ones. Whether the trust is a revocable living trust or a part of your last will and testament, it allows you to set aside a portion of your accounts and property for the benefit of a loved one. You can name someone to oversee the money and property and instruct that person on when and how the money and property must be used. When establishing a trust, there are a few different options for how your loved one can receive the money and property:

• Outright distribution. The terms of the trust can instruct the trustee to distribute all of the money and property to your loved one or give your loved one the right to withdraw all of the money and property in their share of the trust at any time, without any strings attached.
• At certain ages. You can dictate in the terms of your trust that a certain percentage be distributed to your loved one at different ages, such as one-third at age forty, one-half at age forty-five, and the remainder at age fifty.
• After reaching certain milestones. If there are certain things you want your loved one to attain before receiving access to the money and property, you can instruct the trustee to distribute a certain percentage or amount once that milestone has been reached. Some milestones could include attaining a college degree or service in the military.
• Leave it up to the trustee. If you are concerned about what your loved one may do with the money or if your loved one has a high-risk job, creditor issues, an unhealthy marriage, or an addiction, allowing distributions to be made only at the trustee’s discretion is a good way to try to protect the money and property that you have set aside for your loved one. Provisions can be put in place so your loved one can receive enjoyment from the money and property, while protecting it from creditors and predators.

We want you to enjoy your golden years to the fullest. One way to make sure that you live a full and happy life is to address your concerns with a proper estate plan. To learn more about the ways in which we can help you and your loved ones, contact us at your earliest convenience

^[1] 2021 Wills and Estate Planning Study, Caring.com, https://www.caring.com/caregivers/estate-planning/wills-survey/ (last visited June 8, 2021).

^[2] Andrew W. Roberts, et al., Dep’t of Commerce, U.S. Census Bureau, The Population 65 Years and Older in the United States: 2016 (2018). https://www.census.gov/content/dam/Census/library/publications/2018/acs/ACS-38.pdf.

^[3] Debra Kamin, A Different Early-Bird Special: Have Vaccine, Will Travel, N.Y. Times, Mar. 22, 2021, https://www.nytimes.com/2021/02/17/travel/seniors-covid-vaccine-travel.html.

How Can Remarriage Affect Your Estate Planning? 

Divorce is more common now than it was in the past, as is remarriage. Depending on how long a prior marriage lasted, the former couple may have engaged in certain levels of estate planning together. When that is the case, it is important to understand how a subsequent marriage can impact the estate planning from a prior marriage. If you or someone named in your estate planning documents has remarried, there are several major issues that you should be aware of as well as steps you should take to ensure your estate planning continues to be appropriate for your current situation.

Understand How Your Existing Estate Plan Will Operate If Left Unaddressed
First, do you understand how your current estate plan will operate at your or your former spouse’s death? Most states’ laws assume that a divorced spouse does not want their former spouse to inherit anything from them. So even if a will, a trust, or a life insurance policy names a former spouse as a beneficiary, there is a high likelihood that the law will prevent the named ex-spouse beneficiary from receiving the distribution from the deceased ex-spouse’s estate.

But be careful! This is not true in all states. Thus, regardless of what your existing estate plan says, you must be diligent in reviewing your estate plan, as well as beneficiary designations for your life insurance policies and retirement accounts, to ensure that an ex-spouse is no longer named as a beneficiary unless the terms of your divorce settlement require it. In addition, if you still want your former spouse to benefit from your estate in any way, speak to an attorney to ensure that your objectives will be met even if your state has a statute that would prevent it. It is also wise to review your divorce decree to check whether it contains a court order to retain an ex-spouse or minor children as named beneficiaries on a life insurance policy insuring your life.

Just as important, if you want your current spouse to be the beneficiary of your estate planning or insurance policies and retirement accounts, you should update those beneficiary designations. On the other hand, if you wish to designate other family members instead of your current spouse as beneficiaries, you need to update your beneficiary designations in your estate documents and financial records accordingly.

Similarly, if you are still assuming that you will inherit or be entitled to some money and property or benefits from a former spouse, determine whether those assumptions remain true. Often, remarriage will impact your ability to qualify for certain government and pension benefits such as Veteran’s Administration benefits, Social Security benefits, or even survivor’s pension benefits from a deceased spouse’s employer. If those assumptions are no longer accurate, be sure to take that into consideration when updating your estate planning documents.

How Does Your Current Spouse Factor into Your Estate Plan?
Perhaps you and your current spouse have decided to take a “what’s mine is mine, and what’s yours is yours” approach to property. If that is the case, it is crucial to understand how your state’s laws handle property division at the death of a spouse. Even if you have completed your own estate planning with provisions designed to keep your property separate from your spouse so that it will pass directly to your children, grandchildren, or others, including charities, most (but not all) states have default laws to ensure that a surviving spouse is not completely disinherited. These laws (typically referred to as intestacy or elective share statutes or community property rights) can significantly disrupt even the most carefully drafted wills and trusts. Without a pre- or postnuptial agreement in place in which both of you agree how property should be distributed upon the death of one or both of you, your efforts to leave your property to someone other than your current spouse may be seriously frustrated.

On the other hand, assuming that you do, in fact, want to ensure that your surviving spouse receives some (or even all) of your property, it is equally important that your estate planning documents clearly communicate your intent. By making your intent clear, you can preserve a good relationship between your children from a former marriage and your new spouse. When children understand what your intentions are and why you are dividing property in a particular way, their assumptions about why their stepparent is receiving, for example, the family home, can be corrected.

When Beneficiaries and Fiduciaries Remarry
Remarriage can disrupt your estate planning even when you are not the one who remarries. Sometimes, a beneficiary remarries after you have named them in your legal documents. If the new marriage is rocky because the new spouse is financially unstable, at risk for lawsuits, or so flaky that the marriage appears unlikely to last for very long, it may be time to review the provisions of your estate planning. In such a case, you may want to specify that any inheritance that passes to your beneficiary alone must be held in an ongoing asset protection trust for their benefit. Such language can prevent the inheritance you leave the beneficiary from being attached by their spouse’s creditors or even from being divided as marital property in the event of a divorce.

A related issue can arise if you have named a married couple as guardians for your minor children if something happens to you. For example, suppose you named your sister, Shelly, and her husband, Ron, as guardians for your minor children if you die unexpectedly. You have chosen them because they share your values and together would be ideal guardians for your children. Further imagine, however, that Shelly and Ron divorce, and both remarry second spouses who are nice people with shared values. If you fail to update your estate plan and revise your guardianship nominations, the court may have a very difficult time determining who should be your children’s guardian. This situation could lead to a contentious court battle over their custody, particularly if the children were also the beneficiaries of a significant amount of property from a life insurance policy and both Shelly and Ron feel that the other is interested in the guardianship only because of the money associated with your children’s care.

A recent Texas case also highlights one of the risks associated with failing to update an estate plan when a beneficiary remarries. In this case, a mother included a provision in her trust that provided for her son and her son’s “spouse” to receive a share of the mother’s estate. However, the son divorced and remarried after the mother had executed her trust. When the mother died and the son discovered that his “spouse” was entitled to a share of the trust assets, the son argued that his mother had intended his current spouse to receive that share of the trust. However, the court disagreed and interpreted the trust so that the son’s former spouse received that share of the trust.

Was this the mother’s intent? Had her intent been clear, there probably would not have been an expensive and contentious court battle. Had the mother recognized before her death that her trust created some ambiguity on this point, and had she made some important clarifications in her estate plan, she could have saved her family a significant amount of grief and expense.

We Can Help
We hope the above examples have underscored the point that remarriage is a significant enough life event that you should work with your estate planning attorney to carefully update your estate documents to reflect your current situation and intent. If you need help thinking through these various considerations for your own circumstances, please contact us. We have the expertise and experience to help ensure that your estate plan will work for you and your family exactly as you intend.

Fears When Talking about Money

Studies have shown that the largest contributing factors to generational loss of wealth are a lack of communication and trust among family members and the failure to prepare heirs. Often, fear is what underlies the lack of communication and trust that inevitably leads to unprepared heirs. Following are some of the fears that prevent people from communicating with their loved ones about their wealth.

Common Fears

Fear of Creating an Entitlement Mentality in Heirs
We have all heard horror stories about trust-fund kids who had no motivation to do anything other than relax and enjoy life because they knew that a large inheritance would be available for spending once they reached a certain age. Knowing that the large inheritance was coming, they did the bare minimum to make sure they would receive it, but in the process, ignored opportunities to get the most out of their education or learn new skills because, in the child’s mind, the future was already mapped out.

Luckily, by working with an experienced estate planning attorney, you can craft an estate plan that avoids this outcome. Your estate plan could include incentives for your beneficiary, such as qualifying to receive money from the trust only if they graduate from an accredited college or university with a certain minimum grade point average. You could also include restrictions on what the money can be used for, such as tuition, starting a new business, or the purchase of a first home, eliminating the idea that the money is available for luxury or frivolous items. On the other hand, if you are truly concerned about how your beneficiary will use the money, you can leave the decision of how much money they receive and when they receive it to the discretion of a trustee who understands your concerns about discouraging entitlement mentality and encouraging beneficiaries to develop a strong work ethic and become productive, contributing members of society.

Fear That Heirs Will Squander Their Inheritance
You have worked hard to create and maintain your wealth. You have spent where you needed to and saved in other areas. It is reasonable to fear that when you pass along your wealth, your level of frugality may not go with it. As mentioned, to combat this fear, you can include provisions in your estate plan that list exactly what the money you are leaving your loved one can be used for. If your intent is to provide your loved one with an education and seed money for their first business, you can restrict the use of the money to those purposes. Or you can select successor trustees who will make trust distributions in accordance with your long-term objectives for your money and your loved ones. This means that if your loved one wants a wild weekend in Vegas, they will have to find the money for that elsewhere.

Fear That Outside Influences Will Overtake Heirs
Unfortunately, there are some not-so-nice people in the world. These people tend to enter your life and the lives of your loved ones when there is money at stake. While your loved one may be incredibly level-headed and frugal, it can sometimes be hard to say no to a partner who wants to go on expensive trips or buy nice clothes. In addition, with about half of all marriages ending in divorce, potential gold diggers may find your loved one even more attractive if there is the possibility of a large divorce settlement. Through proper drafting, an experienced estate planning attorney can not only restrict how your loved one accesses the money you leave them but also protect it from creditors and predators.

Fear of Treating Heirs Unequally and Fostering Sibling Rivalry
Depending on your parenting philosophy, you will have to decide whether you want to treat your children or grandchildren equally or fairly in your estate plan. Treating your loved ones equally means that they all receive the same amount; treating them fairly means that your loved ones receive money and property according to their individual needs and situations. The answer to the “equally or fairly” question will depend on your unique circumstances and intentions and may take some soul-searching.

Some people believe it is crucial that everyone in the same generation (children or grandchildren) be treated the same (i.e, equally) to prevent family conflict. Others believe that because everyone is different, each person in a generation should be provided for in a way that gives them all the same access to opportunities and advantages in life (i.e., fairly). One child may make more money than a sibling, or one grandchild may have special needs while the other grandchildren do not. These differences might require different amounts and types of inheritances.

Fear That Disclosure Now Might Limit Choices and Changes in the Future
Whom you tell about your plan does not impact your ability to change your mind; however, the type of plan you create may limit your ability to make future changes. A revocable living trust or a last will and testament can be changed at any time up until you are incapacitated (unable to make decisions for yourself) or you die. On the other hand, there are irrevocable trusts that, while offering increased asset protection and potential tax benefits, may be more complicated or problematic to alter if you change your mind in the future.

Although having an initial conversation with your family about your financial wishes can be nerve-wracking enough, and meeting with them a second time to let them know you have changed your mind could be even more so, the difficulty does not diminish the importance or the benefits of being open and honest with your family. This is why we generally recommend that families hold an annual retreat to discuss their wealth in case a change has occurred, or even if nothing has changed, to spend time together as a family.

Fear about Running Out of Money
For many people, earning or acquiring money offers a sense of security. Without money, some people may feel vulnerable. Also, unless you plan to work until the day you die, you may also worry that the money you have acquired during your lifetime will run out before your death, leaving you to rely on government assistance or family members. While this scenario is always a possibility, working with an experienced financial advisor can help you get ahead of this fear by taking a look at your current income, savings, and expenses to create a budget and investment strategy that meets as many of your future needs and wants as possible.

Overcoming Your Fears
Creating a comprehensive financial and estate plan with the help of experienced advisors, in addition to having an honest and open conversation with your loved ones about it, are two of the first steps to overcoming the fears that arise about money and inheritance. To help you prepare to create your plan and discuss it with your family, consider how you would answer the following questions. You can also download our convenient handout, “Your Thoughts on Money,” to guide you through this thought exercise and any conversations you want to have with your loved ones about your financial and estate plan.

● What does money mean to me?
● Am I comfortable telling my family about my plans for my wealth?
● What do I want to teach future generations about money?
● How can I help future generations develop financial competency?
● Am I concerned that I am going to run out of money?
● Do I worry about creating an entitlement mentality among my children, grandchildren, etc.?
● If I leave a large sum of money, do I think future generations will squander it?
● Do I think outside influences will take advantage of my children and grandchildren if I leave them a large sum of money?
● Do I want to treat my children and grandchildren equally or fairly?

The answers to these questions will help you express your fears, attitudes, and goals about your wealth and how you want to ultimately pass it down (or not) to your children, grandchildren, and beyond. Also, discussing your philosophy about money with your loved ones will allow them to know what to expect after you are gone instead of being left in the dark. Call us to schedule an appointment so we can discuss your options for protecting your wealth for generations to come.

10 Types of Trusts: A Quick Look

Considering the myriad of trusts available, creating the right estate plan can seem daunting. However, that is what we, as estate planning attorneys, do every day. We know the laws and will design a plan which addresses your specific situation.

Here is a look at the basics of ten common trusts to provide you with a general understanding of the options available. There will not be a quiz at the end. When we meet, all you need to do is be prepared to share your goals and insight into your family and financial situation, and we will design a plan that incorporates the best documents for your situation.

1. Bypass Trust. Commonly referred to as a credit shelter trust, family trust, or B trust, a bypass trust contains a portion of a deceased spouse’s accounts and property and uses the deceased spouse’s lifetime exclusion amount to reduce or eliminate estate tax. Because the estate tax is calculated at the first spouse’s death, this trust is bypassed for estate tax purposes at the second spouse’s death.

2. Charitable Lead Trust. A charitable lead trust is a trust which provides a stream of income to a charity of your choice for a period of years or a lifetime. At the completion of the period of years, or at death, whatever is left goes to you or your loved ones with significant tax savings.

3. Charitable Remainder Trust. A charitable remainder trust is a trust which provides a stream of income to you for a period of years or a lifetime and then gives the remainder to the charity of your choice with significant tax savings once the period of years or death has occurred.

4. Special Needs Trust. A special needs trust allows you to provide money or property for the benefit of someone with special needs without disqualifying them from receiving governmental benefits. Federal laws allow special needs beneficiaries to receive certain types of benefits from a carefully crafted trust without defeating eligibility for government benefits.

5. Generation-Skipping Trust. A generation-skipping trusts allows you to distribute your money and property to your grandchildren, or even to later generations, without taxation, by using your lifetime exemption to offset any tax that could be due.

6. Grantor Retained Annuity Trust. A grantor retained annuity trust is an irrevocable trust which provides you with an annuity for a specific amount of time based on the value of the property in the trust and upon completion of the annuity period, the remaining money and property is transferred to those you have named. This type of trust is used to make large financial gifts to your loved ones of accounts or property that are expected to grow in value at a higher rate than the annuity rate being paid back to you.

7. Irrevocable Life Insurance Trust. An irrevocable life insurance trust is designed to own high-value life insurance and receive the payment of the death benefit upon the trustmaker’s death. The benefit of this type of trust is that the life insurance proceeds are excluded from the deceased’s estate for tax purposes. However, the proceeds are still available to provide liquidity to pay taxes, equalize inheritances, fund buy-sell agreements, or provide an inheritance.

8. Marital Trust. A marital trust is designed to protect the accounts and property for the surviving spouse’s benefit, as well as qualify for the unlimited marital deduction. These accounts and pieces of property are excluded from estate tax at the first spouse’s death but are included in his or her estate for tax purposes.

9. Qualified Terminable Interest Property Trust. A qualified terminable interest property trust initially provides income to the surviving spouse and, upon the surviving spouse’s death, the remaining money and property are distributed to other named beneficiaries, while still allowing the trust to qualify for the unlimited marital deduction. These are commonly used in second marriage situations and to maximize estate and generation-skipping tax exemptions and tax planning flexibility.

10. Testamentary Trust. A testamentary trust is a trust created in a will. This type of trust is created upon the individual’s death and is commonly used to protect the money and property on behalf of a beneficiary as opposed to transferring the money and property to the beneficiary outright. It can be used when a beneficiary is too young to manage their own money or property, has medical or drug issues, or may be incapable of responsibly managing their own money. The trust can also provide asset protection from lawsuits, or a claim by a divorcing spouse brought against the beneficiary. Unlike a revocable living trust or an irrevocable trust, where property should be transferred into a trust during the trustmaker’s lifetime to work property and avoid probate, testamentary trusts require the sometimes lengthy and expensive probate process before the trust is created.

There are many types of trusts available. We will help you select which trusts, if any, are a good fit for you. Call today to schedule your in-person or virtual appointment. We are waiting to hear from you.