"How can I find out if I put anything in my trust when I did my estate planning 15 years ago?"
Mar 10, 2010 / By: Cheryl K. David, Estate Planning Attorney / Category: Estate Planning“I don’t remember if I have put items in my trust and am in the process once again of putting my estate in order.”
Dear Confused Trustor,
What a great question. Many people have trusts, but unfortunately there’s nothing inside many of them. Quite often the lawyer leaves this very difficult, time consuming responsibility up to the client, but shortly after leaving the office the client puts the papers away and never gets anything transferred into the trust name. In my firm I take on that responsiblity. To see if your trust has assets designated to the trust name the first stop is your mail. When you look at your bank and brokerage statements, is the name at the top yours or does it reference your trust name? If your trust name is on the statement then congratulations that asset is part of your trust. If it’s not then you want to make sure that those accounts are assigned to your trust name. However, you must be very careful if your married and you are working with two trusts, because this needs to be done right or the tax consequences can be terrible. You also want to check the deeds to your real estate and see if the trust is named. Almost every asset with paperwork needs to be in the trust name. That includes checking accounts, savings accounts, stocks, brokerage accounts, savings bonds, vehicles, land and corporate interests. IRA, 401ks, 403bs, Annuities and some life insurance shouldn’t be owned by the trust, but often the trust should be named as a beneficiary. This is complicated stuff and again, one wrong move can have devastating consequences. Also, make sure that all future assets are purchased in the trust name. At death if everything is in the trust you will avoid probate. Please sit down with your attorney again and review what steps need to be taken, before proceeding on your own. Thank you again for asking a question which will benefit so many people.
Very truly yours,
Cheryl David
Law Offices of Cheryl David
5606 W. Friendly Avenue
Greensboro, NC 27410
(336)547-9999
cheryl@cheryldavid.com
The advice given above is for informational purposes only and does not create an attorney client relationship.
www.cheryldavid.com
The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.
