Are you like many of our clients, and have, at long last, after waiting 13 months, accomplished what at times appeared impossible . . . . refinancing the existing loan on your residence? Congratulations! However, before you file away those loan documents, do you know who is the current owner of your home? Is it you? Is it your spouse? Is it (we hope) your living trust?
Many lenders require individuals to re-title their home in their individual names before completing the refinancing process. Although title companies and lenders will generally agree to re-title the home into the name of your trust once the transaction is complete, this is oftentimes not done, and, as a result, your trust may not be providing you with the protection which was contemplated upon its establishment.
Once you have been the lucky recipient of a re-financed loan, please confirm with both the lender and the title company that the home has been placed back into the trust. If it has not, this is something which you should be able to request be done by them, without further expense.
Of course, our office is always available to assist and/or answer any questions in this regard. Our goal is that your living trust continues to protect you, and your assets, to the maximum allowable extent.
