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Scenario: A client or loved one executed a revocable living trust during their lifetime, but forgot to put their assets in their trust before their death. Yikes! What happens if an asset gets left out of a trust?
In California, if a person dies leaving assets in their individual name, then depending on the value of those assets, their estate may need to go through a formal probate process. Probate is a legal procedure to distribute assets to a person's beneficiaries (or, heirs). This is a very time consuming, expensive, and public process here in California.
Probate is not automatic, however, if the decedent executed a living trust during their lifetime leaving clear intent that they regarded the forgotten asset as a trust asset.
We get it. Life gets busy and hectic. So, it's not uncommon for someone to forget to retitle bank or brokerage accounts, or even put California real estate back into their trust if they refinanced their mortgage loan over the years.
Fortunately, California allows attorneys to file what's known as a Heggstad Petition (named after the famous case Estate of Heggstad, (1993) 16 Cal. App. 4th 943) to bring the forgotten asset(s) back into a deceased person's trust so that it may be distributed according to the terms of the trust. This process is much more cost-efficient than a formal probate proceeding. For uncontested matters in San Mateo County, we can bring these petitions ex parte and received a decision from the Court within 1-2 weeks.
So, if your client or loved one died leaving California real estate or other California assets, our office can work with the Trustee to collect the assets as part of their Trust.
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