02/28/2025
๐ช๐ต๐ผ ๐ก๐ฒ๐ฒ๐ฑ๐ ๐ฎ ๐๐๐ฟ๐ฟ๐ฒ๐ป๐ ๐๐๐๐ฎ๐๐ฒ ๐ฃ๐น๐ฎ๐ป?
(๐๐๐ ๐๐ค๐ช๐จ๐ ๐๐๐๐ฉ ๐ฟ๐๐๐ฃโ๐ฉ ๐๐ฉ๐๐ฎ ๐๐ฃ ๐ฉ๐๐ ๐๐๐ข๐๐ก๐ฎ)
This is a type of story I see all the time. This is not a REAL story, meaning John and Lisa are not real people, but this is something that could happen to someone you know.
John and Lisa thought they had done everything right. They set up a trust to protect their assets and ensure their children inherited their home. But there was one big problemโthey never transferred their house into the trust.
When John passed away, the house went directly to Lisa because of the way the two owned the home. Years later, Lisa remarried and, without realizing the consequences, added her new husband as a joint owner of the home. When Lisa died, her new husband got the home. Johnโs children, whom he had intended to inherit the home, got nothing.
This could have been avoided with proper funding of their trust. A simple mistake cost Johnโs children their family home.
This is just one example of why it is a good idea to work with an estate planning attorney and to periodically review your estate plan to make sure it is accomplishing your goals.
