Once you create a Living Trust, you are still the owner of your assets as you own your Living Trust, which owns your assets. This means you can still purchase, sell or refinance property as you normally would. Currently, interest rates are at an all-time low so many people are refinancing. We have received many questions from clients about whether the process is different.

In many cases, the lender will have you take the title of your home out of your Living Trust and put it back in your name as an individual for the duration of the refinance. Once the process is complete, they should title property back into the name of your trust. However, this is not always the case. You should always be diligent and ensure that your property was titled properly back into your trust. If the lending company did leave it titled in your name as an individual and refuse to put it back into your trust, you should contact your estate planning attorney to re-title the property.

Another common question that comes up is “Does the schedule of assets in my trust need to be updated when I buy or sell a home?” The short answer is yes, but it is not required. The schedule of assets is often used for informational purposes and can serve as a living inventory of the assets owned by your trust. However, writing an asset onto your schedule does not mean it is owned by the trust. The title of the asset still needs to be re-titled as part of your trust.
Make sure to keep on top of your schedule of assets and that it remains current, as we never know when something might happen.

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