Many of you hold title to your Carson house in a living trust (as do I).
That's great estate planning! But, did you know that any time you refinance the mortgage on your home, you must first take the home out of the trust?
Your mortgage broker or escrow officer will instruct you on how to do that. So, who reminds you to put it back in the living trust once the refinance is completed? Nobody but you, usually.
Unfortunately, if you happen to pass away while your home is out of the living trust, your heirs will most likely face probate, which means more time, more money, more energy and potential family disagreements.
Some of you may have recently inherited your Carson house and are facing title issues.
I have bought many homes with the same issues. It doesn't have to be a horrible experience. With a little guidance, it can be just as smooth a sale as a regular sale would be.
In a nutshell, if you refinanced recently because of the great low rates, make sure your Carson house back in your living trust!
Do it now, before you forget. And if you recently inherited a Carson house, make sure you know the true owners of the home. It may surprise you to learn that it's not you or that you have to file some legal documents before it really is yours.
The moral of the story is: "Don't wait to plan your estate."
Time after time, I have met with sellers who thought that everything was in order. And time after time, I have had the escrow officer call me to say, "Jennifer, there is a problem with title to the house you are buying."