Hello,My Sisters and I are all Trustees/Beneficiaries of our Father's Trust which he has given us a copy of but he did not list the asset(s)...

Question

Hello,

My Sisters and I are all Trustees/Beneficiaries of our Father's Trust which he has given us a copy of but he did not list the asset(s) covered under the trust ie: his home, etc. I am concerned that we may have a difficult time when he passes. We all live here in CA.

Thank you,

Andrea

Answer

Only assets transfered to the trust are governed by the trust instrument. You should be concerned. Ask your father if everything he owns is in the name of the trust. If it is not, a probate may be required. To place assets in the trust name you must deed real estate, transfer brokerage accounts, retitle directly owned securities and retitle bank accounts. Perhaps he has done so.

Your father has no obligation at this time to tell you what he owns if he elects not to. He had no obligation to give you the trust, but it appears he decided to do so. If he elects to provide you more information, that's great, but it is his decision. Most of my clients do not disclose their personal estate planning documents to their children, in part because they may change their minds. Others simply do not feel it is their childrens business until death or incapacity. Be happy your father has used a living trust. Not everyone has the foresight to do so.