If we already have a Living Trust and then refinance the house, the mortgage company will often take the house out of the Living Trust and transfer it back to our personal name. After the refinance is complete, they often forget to transfer the house back to the Living Trust for us. This can cause problems for the heirs later because the house is no longer in the Living Trust and will most likely have to go through the court control (probate).
Having a Living Trust not only ensures control of the assets, but the main purpose of the Living Trust is to help us avoid the Probate process through the Court. The cost of probate can be from 5% -10% of the total value of our assets and can take up to 2-3 years for the Court to resolve.
VINH DOAN LAW OFFICE
Estate Planning | Taxation | Probate | Business
Vinh N. Doan, MSIM, J.D., LL.M. in Taxation
10971 Garden Grove Blvd., Suite G
Garden Grove, CA 92843
Cell:(714) 332-9700