Specialization Snapshot: Funding
Funding is the term that describes the process of transferring assets to Trust to avoid probate. Currently, average attorney’s fees and costs for a FULL Probate in the Portland market can run between $5,000-$8,000 or more, per will. This can total $10,000-$16,000 when both spouses have wills and some separate assets. In addition to the costs of a full probate, probate is public, requiring court involvement and notice published in the paper saying who died and with how much money. In short, probate isn’t necessarily bad, but it is a costly and public process.
Generally, a properly funded Myatt & Bell, P.C. (“M&B”) Trust, with client participation, will avoid the probate process entirely. M&B takes funding even further so that we are known as “the firm that funds its Trusts”.
In so doing, we can become our client’s concierge by organizing their assets, uncovering hidden, or overlooked, assets like savings bonds, timeshares, inherited stock, mineral rights, and other ‘minor’ viewed assets that can inevitably trigger probates if overlooked. With most of our funding services rolled into our fLAT RATES, our clients are content for us to discover the assets that cause the most trouble when our clients pass on. After all, it is much easier for our clients to plan for their assets while alive, rather than forcing their successors to deal with it at death.
For M&B and our clients, our goal is to plan in a way that affords the beneficiaries of our clients a stress-free transition. A properly funded M&B Trust does just that. During our client’s life, it also allows us to view the full and complete picture of our client’s estate, further providing us the opportunity to advise about gifting and other estate and income tax planning.