Best Estate Planning Attorneys in Auburn, CA

Estate Planning Spotlight: What happens when I get new assets after I sign my trust? This is a very common question and one that I am happy to answer. This question is then usually followed up by the following two questions. Do I have to come back and see you? Do I have to pay you again? The short answer is not always! Most of the trusts that we draft are revocable trusts meaning you can add and remove assets at any time. Let’s use a bank account as an example. You have a bank account listed in your trust and you close it. You can go to your trust, cross it off of your assets list, write closed, initial and date it and you are good to go. The most important thing to remember though is that the title of any new assets need to be in the trust. Writing it in the schedule is a good first step AND it will not necessarily avoid court. The second step is going to the bank and telling them that you need that new account, for example, to be in trust with a certification of trust from your lawyer. The bank will put that account in trust and you will see it reflected in the account’s title at the top of your statements. We do recommend that you revisit and update your trust at least every 5 years or so. For more information you can watch our Youtube video below:...