Living Trust/Estate Planning – Opposite Sex Couple

Posted on 12/08/14 No Comments

Subject: #LivingTrust, #EstatePlanning, #probate :

A couple came into the #sanluisobispo office and inquired about a Living Trusts and Estate Planning. Apparently, they had already visited my competition and were essentially comparing services.  It appeared that they had quite a few questions written down on several sheets of paper, so I agreed to attempt to answer whatever questions they had and to hopefully earn their business.  To start off, this couple is not married and is not domestic partners according to the laws of the State of California.  Apparently, they were declared “Domestic Partners” by some city in Los Angeles, but do realize that they are not technically Domestic Partners. Therefore, if they want to have Living Trusts prepared, then they will each need one.  They also had questions about if a financial account with a beneficiary listed has to be included in the Living Trust and the answer is, no.  But, they can choose to list the Living Trust as the beneficiary and the trust instructions will detail how the asset will be divided.  Lastly, apparently the gentleman owned a home and his girlfriend did not, so they were wondering if it would be a problem to title the house into his trust and list her as the beneficiary.  The answer is, yes.  They are worried that someone can contest the Living Trust and cause problem.  The simple answer is, yes, someone can contest the Living Trust, but having a Living Trust listing the wishes versus not having a Living Trust is much safer.  If there was no will, Living Trust or other legal instrument, the assets would go to the legal heirs through probate versus to his longtime girlfriend.  They were sold on our service and apparently thought I was extremely helpful and knowledgeable.  They both left my office with some information and questionnaires and promised to follow up in a week to being the process.  The next steps are to return the completed questionnaires so we can prepare the documents.  Once the documents are prepared, an appointment is set to thoroughly review the documents and sign.  Lastly, the newly created trust must be funded with the assets, which consists of titling assets into the trust’s name and listing the assets on a property schedule.  For anyone who has questions or comments, we can be visited at our offices in #pasorobles, #sanluisobispo, #arroyogrande, #santamaria and #bakersfield.

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