Issue 6.10

During my years of growing up, I would find that my career choices would evolve as new interests developed.  As a young child, I wanted to be a movie star or a telephone operator, but in high school that all changed.  I loved math and science classes and excelled in my studies, so it was only natural when the call came for more American engineers after the Russian spudnik satellite developments that started the space race and cold war, that I would consider going to college to study engineering.  I don’t think I even knew what an engineer was, but my high school teachers encouraged me to become one.

Unfortunately, my junior college teachers in 1958 weren’t as supportive as my high school instructors had been.  I still remember a Physics 101 professor, on the first day of my college class, writing on the blackboards around the room the simple equation E=MC².  Then he proceeded to say: “Even the girls in this class can understand this simple equation.”  Whether he was trying to be funny or not I never determined, but it made the three girls in my class of 35 physics students feel uneasy.  Today it would be called sexual harassment.  As I pursued my new engineering major, I found that college classes in math and science were much more competitive than in high school.  I was discouraged to only earn a B or C grade after earning almost straight A’s in high school.  After one semester in college, I was ready to look for a different career.

Taking ballet lessons had been a hobby I started in high school and loved.  During junior college, I performed in many musical productions as well as in community theatre.  Then came the opportunity to dance professionally and join a dancer’s union as a member of the Los Angeles City Ballet Company.  Wow, this was almost like being a movie star, a career choice of mine earlier.  The only problem was the entertainment world had different morals that I had.  Being a very naïve young girl when I left high school, and feeling uncomfortable with theatre people, I left my ballet company.  Determined to continue my college studies as a dance major at BYU, and become a professional dance teacher, I thought maybe I’d get married along the way.

Lin Floyd lin@sunrivertoday.com is the author of LOOKING BACK…at the “Good Old Days,” a collection of her weekly articles about growing up in the old West.

Issue 51.09

Revocable “living trusts” have become increasingly popular in the past decade.  They allow heirs to avoid probate court proceedings.

But unlike a will, a living trust cannot be simply signed and filed away.  If an asset is never transferred to the trust, or is unintentionally removed from the trust, it will be subject to probate.

Over the past few years, as interest rates plunged, many homeowners refinanced their homes to reduce payments.  Unfortunately, many lenders won’t make loans on property held in a living trust.  They insist that the home be transferred back to the owners’ individual names before a loan is made.

After the new loan is made and the new deed of trust is recorded, the homeowners are free to transfer the home back into the living trust but lenders rarely assist homeowners with this final step.  (Some homeowners don’t even know their home was removed from the trust, since they signed many documents at once.)  The end result is that homeowners who properly transferred their homes into living trusts to avoid probate, may face probate anyway because their work was undone.

It is sometimes possible to obtain court approval to confirm trust ownership of a home that was never formally transferred to the trust.  However, it can be costly for a court to make such determination and defeats the purpose of the trust.

Anyone who implemented a “living trust” and subsequently refinanced their property should review the documents to make sure that the home is currently held in the living trust.  If not, the owner should have a new deed prepared.  The new deed should return the property into the trust.

If you are concerned that your living trust may not be properly funded, or if you have other questions about your trust, review your existing documents.  You should then make a list of questions and concerns to discuss with an attorney.  Delaying addressing these issues could be costly.  Many times all that is needed is a deed prepared and recorded or a simple amendment to modify small portions of a trust in order to accommodate changes in circumstances. 

Jeffery J. McKenna is a local attorney serving clients in Utah, Arizona and Nevada. He is a shareholder at the law firm of Barney, McKenna, and Olmstead with offices in St. George and Mesquite.  If you have questions you would like addressed in these articles, you can contact him at 435 628-1711 or jmckenna@barney-mckenna.com.