Keep Your Trust Up-To-Date! Tales of Caution

Hi there, Bridget Mackay from the Law Offices of Bridget Mackay in Petaluma, California.

Today I want to talk about stale trust and sort of keeping up to date or keeping your trusts up to date. I recently did a trust administration where the parents, the last spouse to die was the mom and they had several parcels in another state that she had been paying property tax on. And when we got the deeds from those states, that state, it was actually titled in her parent’s name. Then we discovered a note from her nine siblings that said this, “The woman who died could have all of the property that their parents had.” Unfortunately, when we went to an attorney in that state to transfer those properties into the name of the deceased mother’s trust, it was going to cost a lot of money.

It made me think, there was eight properties in another estate, the parents had a trust, but they never did what it took to transfer title to those eight pieces of property into their trust before they died, before even the husband died and then not before even the wife died. The moral of this story is if you have a trust, you know that it has to stay funded, that all the things that you own need to be titled in that trust. You should get your trust reviewed in our office. We review them every three years. We bring you in for a free appointment to go over it, to go over your assets, and make sure everything is funded and the documents say what you want them to say. But I would say, you shouldn’t go more than five years of having your trust reviewed and you should always go to a qualified estate planning attorney to have that done.

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