The consequences of overlooking an asset in a living trust
The consequences of overlooking an asset in a living trust
Probate proceedings: Any asset not included in your living trust becomes part of your probate estate. This means that it will have to go through the probate process before it can be distributed to your heirs. This can be time-consuming, expensive, and public.
Potential disputes: If you forget to include an asset in your living trust, it may lead to disputes among your heirs. This is particularly true if the asset is of significant value or if there is ambiguity about who should inherit it.
Additional legal and financial complications: Overlooked assets can lead to additional legal and financial complications. For instance, if the asset is real estate in another state, your heirs may have to deal with ancillary probate, a separate probate proceeding in that state.
Avoiding oversights with Omar Zambrano
Comprehensive inventory: Omar Zambrano emphasizes the importance of making a comprehensive list of all your assets. This should include real estate, bank accounts, investments, retirement accounts, insurance policies, business interests, and personal property.
Regular reviews: Regularly reviewing your living trust and other estate planning documents is crucial. This is especially important when you acquire new assets, sell assets, or when there are changes in your family structure, like marriage, divorce, birth of a child, etc.
Professional guidance: Omar Zambrano offers free consultations to help ensure that your living trust is comprehensive and up to date. His expertise in the field can help you avoid the pitfalls of overlooking an asset in your living trust.
Forgetting to include an asset in your living trust can lead to a host of complications. However, with careful planning and regular reviews, you can ensure that all your assets are included in your trust, thereby providing peace of mind for you and your loved ones.
Omar Zambrano, attorney at law, offers free consultations to help you navigate the complexities of living trusts. Reach out at 626-338-5505 for expert guidance. Remember, when it comes to estate planning, it's the details that count.