Once you make a trust, you have to fund it with assets. Different methods are needed to transfer different assets into a trust though. If you’re at all confused by this process, a Washtenaw County trusts attorney can help you. After all, your trust won’t be too useful if you never take the time to fund it!
What Do I Need to Do to Fund a Trust?
That can depend on what kinds of assets you want to place into your trust. You can fund your trust with all sorts of things, but the method for making them a part of your trust can vary. Let’s take a look at some examples of assets that can go into a trust and how they would be transferred:
A vehicle with a title, like a car or a boat, would just need its title updated. You can make the trust the owner and title the vehicle appropriately.
You have some assets of value, but they don’t have a title. For items like jewelry, artwork, or collectibles, you can fund the trust by signing and dating an assignment of ownership document.
Various types of bank accounts can also be used to fund a trust. Just put them in the trust’s name instead of your own. This might require you to close existing accounts and open up new ones.
You can even transfer intellectual property, like a patent, into your trust. A lawyer from our firm can help you consult the United States Copyright Office and the United States Patent and Trademark Office to ensure that everything is done properly.
Can I Fund a Trust With Real Estate Assets?
What happens when you want to pass down your home or another piece of property in your trust? This works similarly to the process for transferring your titled vehicle into a trust. You can fund a trust with real estate assets by using quit claim deeds and putting the properties in the name of the trust.
Can I Make a Trust a Beneficiary?
If you have assets that you need now but want to pass down when you die, you can fund your trust in another way. Just make it a beneficiary. Life insurance policies, retirement accounts, and certain bank accounts all have beneficiaries. You don’t have to choose a specific person. Instead, you can make your trust the beneficiary and have the trustee, the person you left in charge of the trust, disperse your funds in accordance with any rules you have set up.
Let’s Talk About Your Estate Plan
If you want to establish a trust and make an estate plan of your own, there’s no reason to do it all by yourself. Contact Collis, Griffor & Hendra to schedule a consultation and let us know more about your goals and what you want to become of your assets. We’ll help you make the perfect plan.