Did Someone Intend to Fund a Living Trust They Left You But Did Not?
This scenario happens all too often in Nevada probate court: Someone made the effort to have a living trust set up but never got around to funding it. The beneficiary was expecting an inheritance that did not require probate, but here they are in probate court, hoping to receive at least some of what their loved one intended for them.
There’s an old legal proverb that says “an unfunded trust is worth as much as the paper it’s written on.” In reality, unfunded and underfunded trusts are a common enough problem that Nevada law addresses it directly. In some situations, the settlor (the person who set up the trust) was unable to fund it. However, for certain situations a remedy exists that may let you get the inheritance your spouse or loved one intended without going through the expense of a full probate.
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If you are the successor trustee or beneficiary of an underfunded or unfunded living trust, you owe it to yourself to find out if you have a legal remedy. The Law Office of Jill Hanlon in Las Vegas provides a free consultation. Your time is limited, so set yours up right away. Contact us online now or call 702-666-8433.
Was The Trust Left Unfunded By Mistake?
Far more often than you might think, living trusts are left unfunded or underfunded even though the settlor had money and assets specifically set aside for it. They saw a lawyer, designated the assets to be used and signed the forms, so they thought they were done. What they may not have realized is that the title to the assets still had to be transferred to the trust. Or, they may have transferred some correctly, but not all.
Whether you are a beneficiary or a successor trustee of a living trust, if you believe that trust was left under- or unfunded by mistake, you may have a chance to fix things.
Under Nevada law, courts are authorized to order trust transfers after the settlor’s death if a petitioner can show that he or she intended it. However, they will only do so if there is sufficient evidence to show that a certain amount or specific assets were intended for the trust.
A Single Court Appearance Could Save Your Inheritance
Living trusts are popular estate planning tools because they don’t require the lengthy, sometimes expensive process of probate. If that trust protection failed for lack of funding, don’t give up because you dread the probate process. This process is not like probate — it is much shorter and less costly, and requires only a single appearance in court in most cases.
Attorney Jill Hanlon has been assisting Nevada clients with issues like this for more than 17 years. She knows every aspect of these procedures and, just as important, how to navigate the system efficiently and cost-effectively.