Estate planning is by no means simple and requires your extended time, energy, and focus. It can be challenging, especially for an older individual, to execute all the documents and ensure nothing important is omitted from their estate plan. This is especially true for those with newly created trusts as everything that remains outside of the trust could be subject to probate.
For these reasons and more, it’s highly encouraged by estate planning professionals you have a Comprehensive Transfer Document. The document serves as an “insurance policy” of sorts for your estate plan in the event you mistakenly leave an account outside your living trust. If you have a Comprehensive Transfer Document at the ready, your trustee and their attorney can file a Heggstad petition to inform the court it was your intention that any account outside the trust without a beneficiary named was intended to be transferred to the trust.
Comprehensive Transfer Document, Ventura CA Lawyer
Ensure your assets and generational wealth are protected from probate with the help of experienced California trust lawyers at Botti & Morison Estate Planning Attorneys, Ltd.. Chris Botti and Paul Morison have over 90 years of combined experience crafting integrated, customized, and comprehensive estate plans for both individuals and married couples. We can assist you with every phase of the process including the execution of a Comprehensive Transfer Document.
Take the preemptive approach when it comes to preserving your legacy. Call Botti & Morison Estate Planning Attorneys, Ltd. today at (877) 585-1885 to set up your first consultation with our talented estate planning lawyers. Botti & Morison Estate Planning Attorneys, Ltd. has offices in Ventura, Santa Barbara, San Luis Obispo, Bakersfield, Westlake Village, and Valencia, California.
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What is a Comprehensive Transfer Document?
Revocable Living Trusts are powerful estate planning tools many everyday Californians use to ensure their assets are protected from probate. However, it’s important you understand that if you have a Revocable Living Trust it only controls the assets placed under it. One major part of estate planning is transferring assets to your living trust, which is done on an asset-by-asset basis. This can be a time-consuming process that requires a lot of attention to detail.
With a Comprehensive Transfer Document, you can easily transfer all your assets to your living trust all at once. That includes any assets without a formal title such as family heirlooms, collections, or other types of personal property. It also can act as an “insurance policy” for any accounts that were mistakenly left outside the trust.
With a Comprehensive Transfer Document, you or your trustee can file a Heggstad Petition to inform the court that it was your intention to transfer all owned assets into your Living Trust when you created it. The document acts similarly to a pour-over will and can be used in conjunction with one to ensure the trust is properly funded. The combination of the two documents will guarantee assets outside your trust are protected from probate.
Heggstad Petition California
Heggstad Petitions are used when any real property or asset has been excluded from the decedent’s Living Trust. These petitions are often utilized when the trustee discovers real property or assets have not been formally or legally transferred to the decedent’s trust in hopes of regaining control of them. The ultimate goal of filing a Heggstad petition is to prove to probate court the trustor intended to include the real property or asset in their Living Trust before they passed on.
Listed below are several common reasons why an Heggstad Petition may be filed in probate.
- The trustor simply forgot to transfer the real property or asset into it
- The trustor died before they could transfer the property into the trust
- The trustor was unaware they needed to retitle the real property or asset
- The paperwork associated with the transfer was flawed somehow
After the petition is filed, probate court will schedule a hearing and give all parties involved 30 days’ notice. At the hearing you can then provide documentation supporting your petition. If you have your Comprehensive Transfer Document at the ready, then you should be able to convince the court the trustor intended to transfer the real property to the trust.
Additional Resources
California Probate Laws – Visit the official website for California’s Legislative Information to learn more about the legal process known as probate. Access the site to learn more about the different phases of probate, non-probate transfer information, probate litigation procedures, and other important information.
Probate Transfer Process Diagram – Visit the official website for the Superior Court of California for the County of Santa Clara to learn more about how probate retitles real property. Access the site to learn what occurs if certain documents are filed, how long each phase is, actions taken to continue the probate process, and rules when administering an estate.
California Living Trust Lawyers | Comprehensive Transfer Documents
If you’re interested in incorporating a Comprehensive Transfer Document in your estate plan, contact the legal team at Botti & Morison Estate Planning Attorneys, Ltd.. Both Chris Botti and Paul Morison have spent decades assisting clients with their living trusts—whether it’s a simple modification or starting from scratch they can assist you. With over 90 years of experience on their side, you can be confident the lawyers at Botti & Morison Estate Planning Attorneys, Ltd. have the knowledge and resources you need to craft an effective estate plan.
Call Botti & Morison Estate Planning Attorneys, Ltd. today at (877) 585-1885 to set up your first consultation with Chris Botti or Paul Morison. We accept clients in Santa Clarita County, San Luis Obispo County, Santa Barbara County, Los Angeles County, Ventura County, and Fresno County.