Wednesday, August 27, 2014

Two of Six Reasons Why Your Family Will Have to Hire An Attorney For Your Estate

Lynn A. Dean,
Estate Planning Attorney
2. The assets were never transferred to the trust

When a living trust is created, the person’s assets should be retitled into the name of the trust. However, during the course of a person’s life, they generally change their assets. If the house is taken out of the trust to be refinanced, or if a new property is acquired, the assets must be put into the name of the trust. 

Too often people create an estate plan, shove it in a drawer or safe deposit box, and never look at it again. This is a problem, because an outdated estate plan is typically worse than having no estate plan at all! Reviews of your estate plan need to happen every two to five years to verify the plan still supports your current needs and goals.

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