Living trust transfers get tricky

Attorney's help recommended

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

DEAR BOB: My wife and I have living trusts. Both of us serve as our own trustees. But our home is not titled in either living trust. If we put the title in my wife's trust, would it be possible to automatically switch it over to my living trust upon her death? The key word is "automatically" similar to TOD (transfer on death) – Bill B. DEAR BILL: What makes you think your wife will die first? Your living trusts are worthless without any assets. But don't feel bad. Lots of people waste money to create a living trust that they neglect to "fund." Purchase Bob Bruss reports online. I am not aware of any way to "automatically" switch living trust assets to the new specified beneficiary after the original beneficiary and trustor dies. The successor trustee, such as you, a trusted relative or friend, must then transfer the living trust assets according to the terms of the deceased's living trust. You have a serious problem with your worthless, empty living trusts. All that is usuall...