What's Happening?
Robert J. Green, an Elder Law, Trust, Estate, & Guardianship Attorney, emphasizes the critical importance of correctly titling real estate to a revocable living trust. Many individuals have established
such trusts but fail to transfer their real estate assets into them, leaving properties titled in their individual names. This oversight can lead to probate proceedings, undermining the purpose of the trust. Green explains that the process of transferring real estate into a trust involves preparing and recording a new deed with precise legal language. Common mistakes include misspelled trust names, incorrect establishment dates, and incomplete property descriptions. These errors can invalidate the deed and complicate estate plans, especially for newcomers to Idaho who have trusts from other states.
Why It's Important?
Properly titling real estate to a revocable living trust is essential to avoid probate and ensure the effective management and distribution of assets. Probate can be a lengthy and costly process, which a trust aims to circumvent. By transferring real estate into the trust, individuals can protect their families from legal complications and financial burdens. This process requires careful attention to legal details, as errors can lead to significant issues. Green's insights highlight the importance of professional guidance in estate planning, particularly for those who have relocated and need to update their estate documents to reflect new property acquisitions.
What's Next?
Individuals are encouraged to review their estate plans and ensure their real estate is correctly titled to their trusts. Green's law firm offers consultations to assist with creating or reviewing estate planning documents. This proactive approach can prevent future legal challenges and ensure that estate plans function as intended. Additionally, those refinancing properties should be vigilant about transferring ownership back to the trust after the loan process, as failure to do so can leave assets outside the trust.
