Is it a legal trust?

[Heather1957]

What is the name of your state (only U.S. law)? Tennessee. Several years ago my mom made out a will naming my oldest sister as executor. After attending some estate planning workshop my mom decided that a living trust would better serve her purposes. She filled out the worksheets in the trust package and had those notarized. She did not consult an attorney. None of her assets were transferred into the trust (we're talking minimal savings account and house worth less then 300k). Are these notarized worksheets really a legal trust? If not, is the will still legal? Hope mom is around for a long time, but do want her to have her affairs legally in order.

 

[justalayman]

it's possible the trust is a valid trust but unless she either funded the trust before her death or funded it as a directive of her will, it simply remains as an unfunded trust.

 

[anteater]

And the mere creation of a trust, whether funded or not, does not invalidate or revoke an otherwise valid will.

 

[Heather1957]

Thank you for yor reply. So as an unfunded trust her property would still have to go through probate?

 

[anteater]

Thank you for yor reply. So as an unfunded trust her property would still have to go through probate?

Yes, unless her assets themselves have some sort of beneficiary designation (I am pretty sure, but not absolutely certain, that TN has not introduced "transfer on death deeds" for real property). Or the assets are placed in joint ownership with right of survivorship. Such assets would transfer to the designated beneficiary(ies) or joint owner(s) upon her death without having to go through the probate process.

 

[justalayman]

Thank you for yor reply. So as an unfunded trust her property would still have to go through probate?

her estate and the trust are two totally different things. If there is a need to probate her estate, it must be done.