Sometimes even the most meticulous planners fall victim to unexpected circumstances. While a living will and trust can be an effective tool used to avoid probate, some people find themselves unable to keep these tools updated. With each large purchase, new family member, or boom in the family business, living wills and trusts need to adapt. A revocable trust can account for these inevitable changes in family/financial dynamic and help you and your family to avoid the lengthy process of probate. Yes, probate can still be necessary even if only a few of your assets are unaccounted for.
One client we had here at Celaya Law had created their trust about five years before we met them and decided to refinance their home. The lender required the property be transferred out of their trust and into their individual name in order for the refinance to go through (some lenders require this) and the client forgot to transfer the property back into the trust. Unfortunately, the client passed away and the property had to go through probate because it was in the client’s individual name and not in their trust. We see this quite often as estate planning attorneys!
Reach out now to an estate planning attorney at Celaya Law for help creating a revocable trust. We can make sure you don’t have to endure the problems of probate!