When you are considering a living trust, you may want to consider the following questions to ask a family trust lawyer in Los Angeles. Great effort goes into information gathering in the first stage of estate planning so that your living trust attorney gets all the information he or she needs to set up a living trust.

Here is a list of questions to ask your lawyer:

What assets are subject to probate, if I don’t prepare a trust?

Assets that do not pass by contract or automatically by law are subject to probate. Assets that you leave to someone in joint tenancy pass to that person at your death without probate. Assets that you leave to someone by a beneficiary designation also generally do not get distributed by probate. There are some exceptions to these when there are disputes about who is entitled to the assets, and whether the designation, contract or document was acquired by undue influence, duress, fraud, or when the donor was incapacitated.

How do I put an asset in my trust?

An asset is transferred to a trust by deed, by assignment or by contract. Title to the asset has to reflect that it is a trust asset, for it to be considered in the trust. You can leave $166,250 worth of assets out of your trust as of 1/1/2020, and those assets can be collected by your trustee, after your death, with an Affidavit or other means. Your living trust lawyer can help you with the documents which you will need to transfer assets to your trust. There are some assets that do not go into the trust. Those are generally IRA accounts, pensions and tax-deferred annuities, and other tax-deferred assets.

Will I need to see a family trust attorney again after I set up my trust?

Generally, you should see your family trust lawyer at least once every three years. While this is not required, it is a good rule of thumb if you want to learn how to protect your living trust. Seeing an attorney may cost you one hour of time and fees, but it may save your beneficiaries a lot of time and money if your assets are reviewed regularly.

How often do I need to review my trust after I sign it?

There are two types of review. A self-review of the trust should happen every year, at the end of the year. An attorney review of the trust should happen with your attorney, every three years. Updating your asset list is very important to the process of the living trust, so take some time each year to see how things have changed in your life and make an appointment for a consultation with a living trust attorney if you have any questions. Updating your trust is easy with a Family Financial Notebook.

What do I do if have refinanced my home and escrow took the house out of my trust?

If you have refinanced your home and escrow took your home out of the trust, you should contact your attorney to create a new deed transferring the home back to your living trust, and a PCOR, which is a preliminary change of ownership report filed with the County to reflect that the transfer should not be subject to property tax reassessment.

Do I really have to go to the bank to change the title of my accounts to my living trust?

Yes, you really have to go to the bank to change the title of your accounts to your trust, because, if you don’t the asset will not be in trust. Remember that an empty trust is as good as no trust.

Can’t my lawyer change the title to my assets to my trust for me?

No, your living trust lawyer does not have the authority to change your bank accounts without your presence. You must identify yourself at your bank and provide them with the documents the bank needs to effectuate that change. Your lawyer can prepare deeds and letters of instruction for you to implement the transfer of assets to your trust, but he or she cannot do your banking for you. Banking is a must when you are transferring assets to your trust.

What happens to my trust if I get divorced?

If you get divorced, most commonly, the judge will order that the trust be dissolved or revoked and the assets transferred to the parties by means of a court order. Do not transfer assets during your divorce without the consent of the other party, or without a court order.