From the Desk of Darlynn Morgan, Trusts Lawyer California
I wanted to post a quick update today to remind those of you who’ve met with a trusts lawyer California and created a trust to take an inventory this week and make sure your assets are truly TITLED in the name of the trust you created!
Why am I telling you this? Wouldn’t this have been handled by the trusts lawyer California you met with to set it all up?
Well, yes and no.
Most estate planning law firms in CA simply create the trust and leave the funding aspect up to the client (which is essentially the process of transferring assets in the name of the trust).
So if you did not realize this was your responsibility or you overlooked an asset in your attempt to do this alone, your family may still wind up in probate court—despite the money you shelled out for planning.
On the other hand, you may have hired a trusts lawyer California who initially funded your trust, but you as the client failed to stay in touch with your lawyer to update it as your life or the law changed through the years.
And unfortunately, in both situations your family will be left with useless estate planning documents and an appointment with the CA probate court should something happen to you.
So what can you do to avoid this?
Here are my 2 best suggestions:
- If you already have a trust, take time this week to ensure all of your assets are properly owned by that trust. Pull up every account you have on file and roll up your sleeves. You have a lot of work to do!
- If you don’t want to do it yourself (or you’ve yet to get started with the process), find a lawyer who insists on a lifetime relationship, as opposed to a one-time transaction. This helps to ensure your estate planning stays current through the years and will not fail when your family needs it the most.
And of course, if you are a person seeking a lifetime relationship with a California estate planning attorney, be sure to check out our law firm as part of your search. From set up to funding, we work hard to ensure our clients get the help they need – without receiving a hefty bill for every email, phone call or fax during the process.
But don’t just take our word for it. Call 949-260-1400 to schedule your Family Wealth Planning Session today. These sessions are normally $750, but as a reader of our blog, you can receive yours absolutely free (limited to 10 per month). So don’t wait, give us a call and let us help you protect your family…no matter what!