Are royalties considered a non-probate asset?
Full Question:
Are royalties considered a non-probate asset?
04/27/2009 |
Category: Trusts |
State: ALL |
#16213
Answer:
Typically, income received from royalties is considered part of an estate that is subject to probate. It is possible to establish a trust which is not subject to probate and have the trust receive the royalty payments, thereby avoiding probate. In such cases, an attorney can draft an assignment document to transfer these funds to the trust based on the contracts with debtors. The debtors will need to be informed about changing their payables to the name of the trust.