Skip to Content
Call Us Today Plano: 972-945-1610 Mansfield: 682-356-4820 Fort Worth: 817-672-9442
Top

Blogs from August, 2022

Most Recent Posts from August, 2022

    • Clear All
  • We have had clients ask us if they should be concerned about someone stealing the title to their house and what they should do about their concerns. The concern relates to the theory that a title thief may be able to forge paperwork and file documents with the county office showing evidence that they own your property instead of you.

    Fortunately, many counties offer free notice services that you can sign up for to receive notice if there have been any filings related to your property. To make things easier for clients in the counties near our office, we have compiled the links for nearby counties that are providing free notice services.

    Dallas County Property Fraud Alert Website: https://www.dallascounty.org/government/county-clerk/recording/property-fraud.php

    Collin County Property Fraud Alert Website: https://www.collincountytx.gov/public_information/features/Pages/property_fraud_alert.aspx

    Denton County Real Property Alert Service Website: https://denton.tx.publicsearch.us/property-alert

    Tarrant County Property Fraud Alert Website: https://www.tarrantcounty.com/en/county-clerk/real-estate-records/property-fraud-alert.html

    Rockwall County Property Fraud Alert Website: https://www.rockwallcountytexas.com/1104/Property-Fraud-Alert

    If your county is not listed here, we would encourage you to contact your county clerk and ask if they have a similar property alert available that you can sign up for to receive alerts regarding your property. By signing up for the alert, you will be notified if anyone changes your property including any time that land records are filed using your name.

    Questions or concerns about the protection of assets? Give us a call at 972-560 6288!

    Real Property Fraud Alerts
    Read More
  • A living trust is a popular estate planning tool, but it's important to understand the common mistakes people make with them. At Crain & Wooley, we want to help you avoid these mistakes and ensure that your trust effectively protects your assets and provides for your loved ones. This blog post will outline the most common mistakes made with living trusts and how you can avoid them.

    What Is a Living Trust?

    Living trusts are legal documents that can be used to plan and distribute your assets to loved ones, just like wills. Living trusts become active the moment they are created, assigning trustees to manage certain assets -- like your house -- for the benefit of the beneficiaries. Revocable or irrevocable living trusts are available.

    You can change the terms or control of assets in a revocable trust at any time. The upside to this flexibility is that your assets still count as part of your estate after death. In an irrevocable trust, your assets are no longer included in your estate, but you give up some control over the trust and its assets.

    Mistakes to Avoid When Setting Up a Revocable Living Trust

    Having a living trust does not mean everything is taken care of. Here are a few common mistakes people make with their living trusts.

    Not Placing Your Home In The Trust And Not Coordinating Financial Assets With Your Trust

    If you don't place your home in the trust, it won't be subject to the terms of the trust when you pass. That means your trustee will have no authority over it, and your loved ones will have to go through probate—a time-consuming and expensive process—to transfer ownership.

    It is extremely important that you coordinate all other titled financial assets with your trust. For example, certificates of deposit (CDs) and checking accounts must be coordinated with your trust in order for your successor trustee(s) to have access without going to court. In general, tax-deferred accounts should stay outside of your trust but have your trust named as its beneficiary.

    Naming The Wrong Successor Trustee

    Since your successor trustee does NOT have to be a professional like a banker or a CPA, it is important to select the proper person(s). The successor trustee will have immediate access to your assets without the court oversight of the probate process. People often name one or more of their adult children successor trustees, but you should carefully consider all your candidates. Think about how long the trust will last (for example, to provide for a child with special needs), the personalities and abilities of the candidates, their location, and how busy they are with their own affairs.

    Not Keeping The Trust Document Current.

    Your trust reflects your personal, family, and financial circumstances when it was created. Over time, these things will change, and your trust will also need to change. Have your trust reviewed every year or so and update it as needed.

    Not Speaking With an Estate Planning Attorney

    Working with an experienced estate planning attorney is one of the best ways to avoid making mistakes with your living trust. An attorney specializing in estate planning can help you create a living trust that meets your unique needs and enables you to avoid common pitfalls.

    Crain & Wooley Is Here For Your Estate Planning Needs

    Estate planning is customized to the needs of individuals and families; not a one size fits all proposition. At Crain & Wooley, we take the time to learn about your unique family dynamics and financial situation. We then craft a comprehensive estate plan designed to protect your assets and provide for your loved ones as you intend. To learn more about how we can help you, contact us today.

    Contact us today at (972) 945-1610 to schedule a consultation!

    Common Mistakes Made With Revocable Living Trusts
    Read More