This is a reminder of the importance of retitling assets when you get a Trust. Many folks ask for and obtain a Trust whether Revocable or Irrevocable, the most important step after the Trust has been signed is retitling. This means that all assets (or the assets to be placed in the Trust) that are in your name MUST BE retitled from your name to the name of the Trust, ie. ABC Trustee, for the XYZ Trust dated ______.
Without retitling your assets the Trust is pointless. It does nothing for you until assets are properly (legally changing title) placed into the trust.
We work with our clients during the retitling process. We do not leave it on them. They could forget, not understand or just procrastinate. Contact us for all your estate planning needs at www.ythlaw.com
Showing posts with label retitling. Show all posts
Showing posts with label retitling. Show all posts
Thursday, September 23, 2010
Saturday, August 8, 2009
Amending Your Trust
I had a question from a client regarding their revocable trust. They wanted to know whether they could amend their California trust or whether they had to execute a new trust now that they lived in Pennsylvania.
These clients had moved from California several years ago to Pennsylvania. In California they had executed a trust and proceeded to place their assets in their trust. This required them to retitle their assets from their individual names to the name of their jointly held trust. Over time new assets had been placed in the trust and now they wanted some of the terms to change since their circumstances had changed.
In response to their question, I advised that they could amend their trust. This way all of the assets already titled in the name of the trust would not have to be retitled into the name of yet another trust.
It is important when you move to have all of your estate planning documents reviewed to determine what documents need to be replaced and what documents may only need to be amended. Please leave your comments here or contact us at http://www.ythlaw.com/
These clients had moved from California several years ago to Pennsylvania. In California they had executed a trust and proceeded to place their assets in their trust. This required them to retitle their assets from their individual names to the name of their jointly held trust. Over time new assets had been placed in the trust and now they wanted some of the terms to change since their circumstances had changed.
In response to their question, I advised that they could amend their trust. This way all of the assets already titled in the name of the trust would not have to be retitled into the name of yet another trust.
It is important when you move to have all of your estate planning documents reviewed to determine what documents need to be replaced and what documents may only need to be amended. Please leave your comments here or contact us at http://www.ythlaw.com/
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