A Story Of Contrast And Heartache Prevented
When Sarah's mother, Linda, passed away unexpectedly, Sarah thought she was prepared. Linda had been diligent with her estate planning, or so Sarah believed. The will was up-to-date, and a revocable living trust had been established to avoid the hassles of probate. However, as Sarah began the process of settling her mother's estate, she discovered a crucial oversight: Linda's home was not titled in the name of the trust.
The house, valued at over $500,000, was still in Linda's name. This meant the property had to go through probate—a lengthy, public, and expensive process. Sarah faced delays, legal fees, and court costs amounting to thousands of dollars. The emotional toll was heavy, as she had to navigate this bureaucratic maze while grieving her mother’s loss. The probate process took over a year to complete, during which time Sarah had to maintain the property and handle all associated expenses.
Sarah couldn’t help but reflect on how easily this could have been avoided. When Linda purchased the home three years ago, she had been advised to place the property in her revocable trust. But Linda, eager to move in and overwhelmed by the paperwork, had postponed the task, thinking it could be done later. She didn't realize how crucial it was.
We share this very real story for two reasons. One, Plan Ahead Trusts ensures your real property is recorded into your Trust as part of the Estate Planning process with us. Second, we offer a secured portal (The Plan Ahead Trust Vault), putting your Estate Planning documents at your fingertips. You can share or send your Certificate of Trust directly to the Escrow officer from wherever you are in the world. No more waiting until you get home…hoping to remember where you put your documents, and hoping it's not too late to send them.
In contrast, Sarah’s friend, Mike, recently bought a home and made sure to title it in his revocable trust during escrow. Mike’s real estate agent, familiar with the importance of proper estate planning, asked him if he had a trust set up. When Mike confirmed, the agent suggested titling the home in the trust's name as part of the escrow process.
It was straightforward: Mike provided the necessary trust documents to the escrow officer. They prepared a grant deed transferring ownership from the sellers directly to Mike as trustee of his revocable trust. Mike's home was immediately protected under his trust with minimal hassle. The entire process took just a few extra steps and a small additional fee during escrow, ensuring his estate plan was complete from the start.
Sarah's experience was a hard lesson in the importance of comprehensive estate planning. By not titling the home into the trust, Linda inadvertently subjected her estate to the very issues she sought to avoid. Sarah now shares her story to remind others to review their estate plans and ensure all assets, especially significant ones like real estate, are properly titled. It’s a small step that can save loved ones from unnecessary hardship.