Thank goodness my father was a organized man who tried his groundwork. Ten years ahead of his death, he spent the time to put in place a revocable living trust. I can't emphasize enough how vital that one document was to my job as executor much more uncomplicated. Their is a big misconception that having a will will do for transferring assets in your beneficiaries. Unfortunately, all wills have to buy through approach called probate. Probate is the validating of your will. Can be done with a judge. The overall process can take any where from six months time to eighteen months. While a will is suffering probate your family have to attend for disbursement of funds. Ouch!
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As long as the husband and wife are alive they are the primary beneficiaries and documents specify that the trust is primarily placed for their benefit if you as they live which is why they it is known as a "LIVING TRUST".
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Revocable Living Trusts are not new. They have been around more than the Western world. Compared additional areas among the law, trust law quite stable as well as doesn't change very often, individuals estate tax considerations. Living Trusts have become more popular in recent years as the probate process has slowed to a crawl and also be a quagmire of pain and price tag. They are much more common than men and women realize. And they can benefit most people.
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The Realtor lost. The board found out that he was placing their own financial gain over his fiduciary responsibility to his clients. The "pre-listing" was cancelled and the Realtor presumably received some form of physical punishment. This can range from warning letter, to additional education requirements, and sometimes revocation of licence