Virginia | Wills and Trusts
1/27/12, 7:24 pm
Legal Question
I have a Revocable Living Trust and my first wife and I were co-trustees with my daughter is named as Successor Trustee. At the time the trust was established all of our assets were transferred into the trust. My first wife passed away a few years ago and I have since remarried. I have not changed the trust to include my current wife, however, I have established some accounts jointly with my new wife that are outside the trust. I read in Kiplinger Magazine that if you fail to retitle even one asset you kick the entire estate into probate, thereby defeating the purpose of the living trust. Can you please tell me if this is accurate. Thank you very much for your valued assistance.
Wallace Johnson
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