Beneficiary Deeds

By Jeff Wagoner, W M Law President

The main reason to have a revocable trust is to avoid probate.  But, did you know that many, actually probably “most”, people don’t really need a revocable trust if their family situation is relatively simple and they make good use of “non-probate transfer mechanisms.”

A non-probate transfer mechanism is simply a way to change the title on a piece of property without getting an order of the probate court.  A simple example is using a “Payable on Death” designation on your checking account.  If you have listed someone as a “Payable on Death” (aka “POD”) beneficiary on your checking account, then the bank will automatically give the money in that account to your POD beneficiary once that person presents your death certificate to the bank.

It is super simple – no need for lawyers or courts.  A great tool for transferring real estate that is just as simple is known as a “Beneficiary Deed.”  A Beneficiary Deed is essentially just like a POD designation on a bank account, with the exception that it is for real estate.  It is a little more complicated because you’ll want an attorney to draft that Beneficiary Deed for you, and […]

By | April 16th, 2019|0 Comments

Do I Really Need a Trust?

By Jeff Wagoner, W M Law President

Many times, I have clients show up for an initial consultation with the mindset that “I need a trust.”  They are absolutely dead-set that they must have a trust of some sort.  When I ask why they believe they need a trust, sometimes I get a very well-thought-out response and the client is correct – they DO need a trust.

However, more often than not, the client believes he or she needs a trust because somebody else has told them that they need a trust.  Upon digging further, it is generally because either that other person has a trust or because someone in that other person’s family passed away and had a trust.  Now, trusts are wonderful things – they can be used to do many things that a simple will cannot.  And they are great for avoid probate.  But I rarely recommend them.

Why don’t I recommend them often?  Well, first off, I believe in the KISS principle – simple over complex any day in my book.  I like to figure out what the simplest method is to accomplish a given goal, and oftentimes that means we can use a simple will along with some […]

By | October 25th, 2018|0 Comments