Santa Clarita Estate Planning Lawyer Asks “Does Your Living Trust Matter?”
September 2, 2009
I met a client today who lost her husband several months ago. He was an unfortunate victim of cancer. As we discussed their matter, we found out that hardly any of the assets were actually in the name of the living trust. Most were not. Assets in the name of the trust are governed by it. Assets NOT in the trust are NOT governed by it. Therefore, we found out their living trust really didn’t mean very much because hardly any assets were titled in the name of the trust. It should be known that when it comes to assets, “Title” is “King.” That means the title to an asset trumps any will or trust you may have written. Therefore, you might have a living trust, but it may not even matter if you don’t retitle your assets to the trust’s name.
Robert Mansour
http://www.MansourLaw.com
http://www.ValenciaLawyer.com
