[WSBAPT] RLT question

[Kim Hammit]

I was presented with an estate package that clients want to revise.  There
is a RLT, pour over will, reciprocal POA, separate general durable POA (not
sure why separate), HC Directives.  They have several properties - some are
in LLC, some in INC, some individually and one is joint with child (they
want this to stay out of estate and just go to daughter since they are just
cosigners on the loan.  The trust schedule shows all properties under each
business but they were not deeded to the trust, in fact none of the
properties were ever deeded to the trust.  Wouldn't that require a probate
of the pour over will to get those properties into the trust at death?  What
is the point of a trust in this scenario?  I don't want to run up a big bill
for the clients redoing everything but I don't see a real need or benefit of
the RLT if the properties are in the individual businesses, not the trust.
Total NET value of estate is around $1.7M and there are no out of state
properties.  Neither client particularly cares to avoid probate nor are they
terribly concerned about post-death disputes.  Since none of the properties
were transferred to the trust, is there any potential harm in simply doing
away with the trust and providing for potential tax concerns in testamentary
trusts?

 

 

Kimberly S. Hammit

Associate Attorney

 

GSJONES LAW GROUP, P.S.

1155 Bethel Avenue

Port Orchard, WA  98366

Tel:  (360) 876-9221

Fax: (360) 876-5097

 

 

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