Transferring Assets into a Living Trust
Transferring assets into a Living Trust is a critical step in the estate planning process. By transferring assets into the trust, you ensure that those assets will be managed and distributed according to your wishes. Here is a more detailed explanation of how the process works:
1. Identify the assets to be transferred: The first step in transferring assets into a Living Trust is to identify which assets are to be included. This typically includes assets such as bank accounts, investment accounts, real estate, personal property, and other valuable assets.
2. Change the ownership of the assets: Once you have identified the assets to be transferred, you will need to change the ownership of those assets from your name to the name of the trust. This is typically done by re-titling the assets into the name of the trust. For example, if you want to transfer ownership of a bank account into the trust, you will contact the bank and request that the account be re-titled in the name of the trust. Similarly, if you want to transfer ownership of a piece of real estate into the trust, you will need to file a deed of transfer with the county/city Clerk of Court.
3. Complete any necessary paperwork: Depending on the type of asset being transferred, you may need to complete additional paperwork to transfer ownership into the trust. For example, if you are transferring ownership of a vehicle into the trust, you may need to obtain a new title in the name of the trust.
4. Verify the transfer: Once the assets have been re-titled in the name of the trust, it is important to verify that the transfer was completed correctly. This typically involves reviewing account statements and other documentation to ensure that the assets are now properly owned by the trust.
5. Continue to manage the assets: Even though the assets are now owned by the trust, you will still need to manage and monitor them. As the trustee of the trust, you have the authority to make investment decisions and manage the assets on behalf of the trust. You will need to continue to manage the assets throughout your lifetime, and you may need to make changes to the trust document over time to reflect changes in your circumstances or goals.
Transferring assets into a Living Trust can be a complex process, and it is important to work with an experienced estate planning attorney to ensure that the transfer is completed correctly and in compliance with state and federal laws. With the right guidance and support, a Living Trust can be an effective estate planning tool that provides peace of mind for you and your loved ones. Contact Wilson Law PLC today at 866-603-5976 to set up a meeting or fill out our contact form and we will call you to schedule your meeting.