Listen: JOE, Trustee, Eric Owings discussed on Legally Speaking with Attorney Mike Collins
"Mike Collins back with you on legally speaking, and let's go right to the phone. We've got Joe in the district morning. Joe? Thanks for calling can try to help you morning be. My question was looking over the paper. Hello holding on. I see where the Irish spring game today at twelve thirty on TV. Yes, they do Jove. Yes. They do twelve thirty on NBC's sports channel, which is. I ten years ago. I had my say planning documents done by phone trumpeted by surgery prompted by what coming Ben. Okay. I'm silly. I never did get around putting my house and trust my coat. Can I come back to firm something as simple as that for that? When we doing. Yeah. Absolutely. Absolutely. Sure. Just just just give us a call. We we're gonna need is a copy of your deed. If you've got it, right? And yeah. Not only get some. But do what I didn't do. I agree with you. Okay. Thank you so much for your answer. Yeah. Okay. Joe? Yeah. No problem. Just give us a ring. Yeah. Just talking about is he established his estate plan. So he didn't procrastinate. Did it ten years ago? What he did procrastinate about or whatever may be overlooked. He didn't convey what's co legal title to his house into the trust. What does that mean? It means. He didn't execute a deed from himself or Joe's Mary him in his in his spouse, if they're both on the title conveyed it to himself as trustee. So it's still his name on the deed, but is going to be in his capacity as trustee for himself. And the reason he would want to do that is that if he does so at his demise. There won't be a need to probate that house to go through a court procedure to transfer titled of the house to whomever's. Is gonna wind up with it down the road because Joe will of intimidated that transfer of title that legal title that registered ownership that name on the deed. He will live in -ticipant, it'd that by convenient to an office holder, the office of the trustee, of course, Joe himself holds that that office relax pies that office while he's still alive. But then it his demise v. It's over by truck. His appointed successor trustee will just step into his shoes. Much is the vice president steps into the president shoes. If something happens to the president. Okay. So that's. That's what's that's what's going on there. This is called funding that trust funding the trust. Okay. Let's go to Eric Owings, Maryland. Good morning, Eric thanks for hanging on. How can I try to help you this? I've had trust done by your company about five years ago. And I had a question of another question. I guess about funding. So when the the trust with set up it had a name the date, the names of my wife, and I right in the funding in the Indian instruction trust. Yes. So when I go, and and I actually go to fund the trust and create, you know, the deed in the name of the trust is it absolutely necessary that have the entire name long drawn out name. What can I use the actual name of the trust in funding the trust? And and in preparing the will, Eric what's the difference being the long when you talk about the long drawn out. Name. In the name of the trust. What? How are those the name of the trust the name of the state at say the name of the trust? Is this Mistra this myth that? Yes. Trust dated X Y Z as and my wife, and I see. Yes. Whole name of the thing. And that right in the in the instructions of for the certification of trust.."