I asked this very question to the best known Trust Attorney San Diego! That San Diego Estate Planning Attorney is Steve Bliss from “The Law Firm of Steven F. Bliss Esq.” He had quite a bit to say about Wills and Trusts.
We all want our Living Trust to work correctly when the time comes. However, in some cases knowing which assets to include in your Living Trust can be complicated. Steve Bliss is here to aid with your estate planning needs, and to guarantee your Living Trust consists of all that is essential.
Practically daily, we are asked by clients: “Should I title my lorry into my Living Trust?” The short answer is yes. For individual vehicles, it’s generally best to include them in your Living Trust to make life simpler on your beneficiaries (business vehicles are usually entitled in the name of the company).The Law Firm Of Steven F. Bliss, Esq.
3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123
Let’s look deeper into why this is so.
Why should my vehicle be in my living trust?
Titling your automobile in your Living Trust lessens headaches for your Successor Trustee. Remember that in Arizona, probate is needed if you die with assets worth more than $75,000 titled under your specific name (i.e., not entitled in your Living Trust).
Let’s state you pass away, and you had three assets that you had forgotten to title in your Living Trust– a $45,000 RV, a $25,000 truck, and an examining account with $5,001 in it. Since these three possessions combined overall $75,001.00, all three assets need to go through probate. This will substantially increase the time, cost, and headaches involved in settling your estate.
We encourage clients to remain far from this $75,000 limitation, so it is best to title lorries in your Living Trust.
But even if your cars and truck are valued well under $75,000, keeping it titled in your Living Trust allows your Successor Trustee to easily offer your lorry (or transfer it to the person you direct) after you pass away or end up being handicapped.
What is the process?
What’s the simplest way to title your vehicle into your Living Trust?
It’s most convenient to do this at the time you purchase the lorry. When you acquire your vehicle, keep in mind to show the dealership your Trust ID card, so they understand to provide the title in the name of your Living Trust.
A second option that we’re encouraging customers to look into is to keep the automobile entitled in your specific name, however, call your Living Trust as the “recipient” of your automobile. If you sell your car, later on, throw the form away and do a brand-new one for your new lorry. This is a straightforward option, and a lot of individuals prefer this to the inconvenience of presenting your Trust documentation to the MVD or a car dealership.
Does including my automobile in my trust open me to exposure?
What if you get in an automobile accident and get taken legal action against it? Will all of your Trust possessions be exposed to this suit if the Trust owns your lorry?
The reality is if you get sued for cars and truck accident, and your insurance coverage limits are insufficient to cover the claim, the possessions in your Living Trust could be exposed regardless. Whether the lorry was titled in your name or in the name of your Living Trust at the time of the accident does not affect. Keep in mind; your Living Trust is an estate planning tool, not an entity to protect you from lawsuits.
Invite: Trust And Estate Planning Attorney in San Diego
Are you due for your free 3-year trust review? This free evaluation meeting is a high possibility to sit down with us to make sure your automobiles and all your other possessions are appropriately titled in your Living Trust to avoid probate.
Click here to contact Steve Bliss and schedule your totally free trust evaluation!