Home » Law

Your Living Trust Might Go Through Probate!

Aug 11, 2008
One of the great things about having a revocable living trust is that you know your estate will not fall into probate after your death. But, even if you have a trust, there is still a risk that your trust will fall into probate after your death. Why? One of the main reasons for this is not keeping all of your assets properly titled in the trust's name. Usually, I see this happen when clients have not been educated in what they need to do to keep their living trusts up to date. Here is what you need to know and do to prevent this from happening to you.

Holding Assets in Trust

When you set up the trust, you transferred your assets so that they'll be held in your name, as trustee. There will be a new deed showing that your home is titled in the trust's name with you acting as trustee. This keeps your home out of probate and allows you the same rights to the home as you had before the house was transferred to the trust. In other words, you maintain control during your lifetime.

Items that need to be transferred to trust include:
  • Your Residence
  • Other Real Estate
  • Checking and Savings Accounts
  • Certificates of Deposit
  • Investments
  • Businesses
  • IRA's
  • Annuities
  • Stocks / Bonds
  • Pensions
  • Notes Receivable
  • Insurance Plans
How do you know that this is the case? If your assets are in the name of your trust, this will show up on the statements that you receive. For example, your bank statements will be labeled as the John Doe Trust, with you listed as the trustee. This means that you retain the control during your lifetime, and upon your death control reverts to the trust. Neglecting to label new assets in this way can send your estate to probate.

Every time you gain an asset, you have to remember to title the asset in the name of the trust, which will keep your assets from being subject to probate after your death. Educating trust owners on the necessary steps to keeping their trusts up to date is a critical function of an estate planning attorney. Ultimately, however, it is your diligence that will make it happen.

Choose your estate planning attorney carefully, and don't hesitate to ask questions regarding your living trust and new accounts. Planning carefully now will protect your heirs and assets when you're no longer around to do so.
About the Author
Discover the Secrets of Wealth Preservation as expert estate planning attorney, Steven W. Allen, reveals the proven estate protecting strategies that have been used by the wealthy for centuries. Learn more tips and tools to protect your estate from taxes and probate from the man experts call the Living Trust Doctor.
Rating:
Please Rate:
(Average: Not rated)
Views: 135
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Accounting
    • Credit
    • Currency Trading
    • Debt Consolidation
    • Insurance
    • Investing
    • Leasing
    • Loans
    • Mortgage
    • Mutual Funds
    • Personal Finance
    • Stock Market
    • Structured Settlements
    • Taxes
    • Wealth Building
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources