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will assist you in getting your stuff into the trust, and you should insist on that assistance. Even if you think it’ll cost you a little bit more, you should use that attorney’s expertise to get your assets into the trust. The other thing to say about that, though, is sometimes you pay money to an attorney, you prepare a living trust to protect your assets, and maybe two years later, you go buy something new. You go out and buy an airplane. It’s on you to make sure that when you buy that airplane, you buy it in the name of the trust as opposed to in your personal name. Another really prudent thing to do is update your trust attorney every couple of years just to tell them what’s happening in your life, any new things you bought, any new accounts or investments that you went into, or any changes in your family situation. That’s all just prudent stuff. On the one hand, it’d be nice if you waited for your attorney to reach out to you and say, “What’s new?” But since you’re the person whose assets are on the line, you should take the initiative and reach out to your attorney and say, “It’s time to talk, because some things have happened in my life. I’ve
bought new stuff. I have new investments. My family situation’s changed.” One more thing to say about all of this is that there is a backstop. When your attorney helps you put together a living trust, the attorney will also have you sign a will. A will is different than a trust. A will does go through probate, but it’s basically to catch everything that you didn’t get into your trust. And the will also says, “Everything that didn’t make it into the trust, take this all over to probate court and have the judge order that it goes into the trust.” It sounds simple, but it is an expensive process when you go to probate. All of that being said, you definitely want to take necessary actions to put your assets in the trust instead of relying on that will or a probate proceeding because that adds an extra layer of time, difficulty, and expense. If you have any questions about whether you’re protected, feel free to reach out to our office. We’re the Sierra Crest Business Law Group. We can assist with questions and controversies involving a living trust or a probate matter, and we’d love to answer your questions.
691 Sierra Rose Dr., Suite B Reno, NV 89511 775.448.6070 SierraCrestLaw.com
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