Dad had set up a trust in his home state of Ohio, putting his home in it, his car, his investments. He did a great job! Then he became too ill to live alone so went to live with my brother in Texas for a few years. He passed away a couple of weeks ago. He went peacefully bless his soul.
As Trustee of his trust I thought dispursing of his assets would also go peacefully, but it's not turning out to be the case in all instances. I've come to find out Dad made a couple of errors that are going to cost us. 1st, he opened a local bank account and didn't put it in the trust, or even assign a benificary. He then proceeded to load it with his manditory retirement distrubutions from his IRA. That makes it a pretty sizable bit of our inheritance that, now, has to be probated.
Now I've just discovered that while he was living in Texas he retitled his car (probably for insurance purposes) but he didn't title it in the name of the trust. I'm pretty sure this means that signing it over to my brother and sis in law (as he directed me to do just days before he passed away) is out of the question now. The car, too, will have to be probated I'm guessing.
My question... I was going to try to get into the bank account by using Muniment of Title (Texas fast track to probate) proceedings. Does anyone know if I'll also be able to put the car on this request? When it was just a bank account, I was going to try to file the application myself, but now I'm wondering if I wouldn't best be served by having a lawyer do it (1250.00 was quoted).
THERE'S A LESSON HERE FOR ALL OF US...make sure if you of your parents have a trust (and I think everyone with anything to leave should have a trust), to always assign any assets that have titles in the name of the trust and not in an individual's name! If tnot, you're only defeating the purpose of the trust...easy transfer of your assets at little time or cost of your heirs.