Estate Planning: Do You Know Where Your Trust is Tonight?
Periodically (and unfortunately all too often) we get calls from clients:
“Do you have our original, signed living trust documents?”
“No, I’m sorry.”
“Are you sure?
“Yes. We make it a practice not to retain clients’ original documents.”
“Could you just look in your file, to be sure?”
“Gladly. One moment, please…. I’m looking at your file. The day you signed all your trust and related estate planning documents, I gave you the originals and a set of copies. All I have is a set of photocopies and a copy of the cover letter I gave you, when you signed everything. In that letter, I suggested that you put the originals in a safe deposit box, and that you keep the set of copies at home. I recommended that you put a note on the copies indicating where you put the originals. (Nothing drives successor trustees and families crazier than to find the copies but not the originals.) Did you put the originals in your safe deposit box? “
“Yes, but that was a long time ago. We took them out once, and I don’t think we ever put them back. Now we can’t find them anywhere.”
Don’t let this happen to you!
What if you do lose the original Trust Agreement? As long as trustors/grantors remain competent, they can execute a Restatement. As the name suggests, this document restates all the provisions of the original, missing document, without necessitating any re-titling of assets such as real property and financial accounts that may already be held by the trustee of the Trust. The Restatement may also include whatever modifications are necessary to bring your estate planning up to date. The preparation of a Restatement is not likely to be as involved as the drafting of the original Trust, but does entail some expense.
What if, after misplacing the original Trust, a trustor/grantor has become incompetent, and therefore no longer able to sign legal documents? This should be discussed with legal counsel, but basically, the best advice is, don’t let it happen to you.
Do keep your original estate planning documents in your safe deposit box or some such secure place. Do keep a note, at home with your copies, indicating where you have stored the originals.
Jerry Kessler practices law in Santa Clarita. He can be reached at 661-255-1001.
ADVERTISE WITH US
51st Annual Frontier Toyota Henry Mayo Golf Classic Tee Up For A Good Time
Henry Mayo Newhall Hospital’s signature fundraising event is in full swing, we look forward to seeing everyone on Saturday, May 11th! The 51st Annual Frontier Toyota Henry Mayo Golf Classic will be held at the beautiful Valencia Country Club Our Golf Classic benefits...
Travel the World in 2024 with “Celebrate” Journey to New Destinations Monthly at the Canyon Country Community Center
There is so much to learn from different customs and cultures and you don’t need a plane ticket to experience it all. The Celebrate event series is back for its anticipated third year and offers insights into unique destinations from around the world. Every...
Monthly Message from Mayor Cameron Smyth Buckle up for the 2024 Cowboy Festival!
The aroma of savory barbecue wafting through the air, the joy of line dancing with friends and the chance to travel back in time to the Wild West are all experiences that make the City of Santa Clarita Cowboy Festival so unique. April 20 marks the return of...
ABOUT THE MAGAZINE
Santa Clarita Magazine has set a high standard for excellence in advertising for over 34 years. A family owned and operated business, Santa Clarita Magazine has grown with the Santa Clarita Valley since 1990 and become the #1 place to advertise locally.
FOLLOW US
SANTA CLARITA MAGAZINE
PO Box 801570
Valencia Ca 91380
For Advertising information
Call or Text: 1 (661) 294-4444