Is probate required if there is a trust?

Not always. A properly funded living trust holding the deceased person’s assets may avoid probate for those trust assets entirely. However, probate may still be necessary for assets left outside the trust, incorrectly titled property, or newly acquired assets that were never transferred into the trust.

This is one reason why ongoing trust maintenance and periodic reviews are critical parts of sophisticated estate planning. Even well-drafted trusts can fail to avoid probate if they are not properly funded and updated over time.

 

Philip J. Kavesh
Helping clients with customized estate planning guidance and trust & estate administration for over 45 years.