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Roadblocks to Realignment

Roadblocks to Realignment

If you refer back to our article from last month, you will recall that asset realignment is the essential and final step in establishing your trust. Asset realignment involves reviewing your current assets and retitling assets to match the goals of your trust. Generally, if you follow the instructions of your attorney, you are able to realign your assets independently. However, there are some common roadblocks you may encounter that might require additional assistance.

For instance, if you own real estate, the main roadblock you may encounter is if you have a mortgage on the property. Prior to creating a new deed transferring the property to your trust, contact your mortgage company to ensure that the terms of your agreement allow a transfer without penalty. If you skip this step, you may find yourself incurring unexpected fees – including owing the balance due on your loan! This is remedied by communication with your mortgage company, and in the worst-case scenario, refinancing with another company with more desirable policies on trusts.

Bank accounts and brokerage accounts are common assets to realign. Ask your financial institution what their policy is on trusts before you begin the realignment process. Certain credit unions cannot title assets in the name of a trust. Most institutions that can, will accept excerpts of the trust with pertinent information; however, some insist on a full copy of the trust for their records. Based on West Virginia Code (§ 44D-10-1013), the bank assumes additional liability if they make this request instead of relying on trust excerpts.

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Disclaimer: Seamon Law Offices, PLLC is licensed in the states of West Virginia and Pennsylvania. Doreen Seamon, and Seamon Law Offices, by means of this website, are not offering legal advice. With respect to the material contained in this website, some of the material may be affected by current and future changes in the law. For those reasons, the accuracy and completeness of such information, and the opinions of its author, are not guaranteed. In addition, because of the complexity and interrelationship of various areas of law which are presented in this website, from which there may be certain exceptions or limitations, the strategies and plans outlined in this website may not be suited for every individual, in every state. As such, it is strongly suggested that before employing any one or more of the techniques, strategies, expositions of any law, the reader should secure the services of a competent attorney in their respective state.

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