Trusts and Estate Plan Disagreements

Our reader let us know what happened

 

Q: When my wife read your column about trusts and estate plans in yesterday’s paper, she handed me the paper and said, “Did you submit this question?”

So, I admitted my “culpability” and wanted to thank you for addressing it in print.

You did split the difference in not breaking the tie. I think that my wife is a bit more reassured that we likely have our accounts properly titled. And I will be checking to make sure that our power-of-attorney, health care proxies, etc. are in order.

Trust Distribution Held Up

Finally, as we were driving today, my wife made a comment (remember, I said “a bit more”) that after I die, she’ll tell me, “I told you so.” I told her that at that point, I won’t argue with her. That said, we’ll be celebrating our 62nd wedding anniversary next month.

A: Congratulations! Celebrating 62 years of marriage is quite an achievement. We’re glad we were able to help you and your wife resolve your debate over how you’ve titled your home and other assets.

Our answer to your email went over the items you should consider when you title your assets. We reminded our readers about some assets and procedures that people often forget about when creating their estate plans, including setting up survivor trustees as well as survivor beneficiaries.

Trusts Need Their Own Checking Accounts

The main point of our column was to remind people to look over all of their assets to make sure they are titled the right way. This includes homes, vehicles, boats, bank accounts, retirement accounts, 401(k) accounts, and insurance policies. If you have a safe deposit box, you’ll want to make sure the executor can get access to the box.

From time to time, people should review these accounts and see if they are still titled the right way. When you are married, you may want them titled in the name of both spouses unless your intentions are to keep your assets split. If you get divorced, you will want to change how your assets are titled and may want to change beneficiaries on your 401k and life insurance policies. Once you set up a living trust, check to ensure that all of your assets are titled in the name of your living trust.

Revocable Trust: Get It Right the First Time

It’s of little use to go through the cost and effort of setting up a living trust with an estate attorney only to leave assets titled as they were and not transfer them into the name of the trust. To do this, you might have to go to the bank or other financial institution and have the name changed on the account to match the name of the trust. You will likely have to take your trust documentation with you to the meeting as well as a piece of government-issued identification, such as a driver’s license or passport.

When it comes to real estate, you’ll need to take an extra step. You’ll have to file paperwork with the office that handles real estate documents where your home is located to retitle the home in the name of the trust.

Estate Planning: Holding Title as Tenants in Common Causes Problems

Problems arise if everything isn’t tied up correctly. People get divorced, lose spouses, children, remarry, adopt kids, or receive inheritances that include other types of assets that may be located elsewhere. Sometimes, people get married when they already own a home. They then forget that the home is in the name of one spouse, but not both.

When any of these life events occur, make sure that you have your assets titled as you really want them to be and not as they might have been for years in the past.

Thanks for writing back and letting us know what happened. We enjoy hearing from our readers. If you have a question or feedback on our column, please send it to questions@thinkglink.com.

Read more about Trusts and Estate Plans:

Estate Plan Mistake

Paid Off House: Will It Affect My Trust?

Title Issues Cloud Estate

Trusts: How to Handle a Home in a Trust

Power of Attorney and Elder Abuse

Estate Planning: Trusts and Transfer on Death (TOD)

 

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©2025 by Ilyce Glink and Samuel J. Tamkin. Distributed by Tribune Content Agency. A1689