FUNDING YOUR Living Trust
Funding your Living Trust is a term used which simple means “changing title of an asset with title into the name of your living trust.” This is one of the main purposes of having a living trust. Funding your living trust is one of the many ways to avoid probate of your estate.
During your lifetime, the trust allows you to put assets in and take assets out of your trust. You should of course consult with an attorney if your estate is a large estate, as every state has its cap on the value you can hold in your trust.
THINGS YOU MAY FUND INTO THE NAME OF YOUR TRUST
You may wish to consider placing the following items into a revocable living trust:
- Real property
- Bank accounts
- Security accounts such as stocks, bonds, and CDs
- Business interests of a limited amount
- Patents and copyrights
When you fund your trust with bank accounts and other assets, you transfer the title you personally hold to title under your name, as trustee of your revocable living trust and therefore you can proceed as usual with your transactions, withdrawals and etc.
DO YOU NEED AN ATTORNEY?
You do not need an attorney to create a living trust, nor to fund (change title) of your assets that hold title, into the trust. Every state has statutory language that is set-forth in a trust, and as long as the creator has knowledge of the statutory language, anyone can create a trust, but of course, it should be someone with knowledge of the laws of their particular state as it relates to the statutory language.
ALL COUNTY DOCUMENT SERVICES PREPARES ESTATE PLANNING DOCUMENTS
All County Document Services offers a very affordable estate planning package and we include a list of possible “to do’s” for your chosen Executor (the person ‘running the show” so to speak, after you pass your Executor will be the one to carry-out your wishes). This is helpful to your Executor to allow them to carry out your wishes in the most effective way and guide them as well.
Contact All County Document Service today at 951-272-5855 for more information on our affordable estate planning package, which includes a Revocable Living Trust, Pour-Over Will, Durable Power of Attorney (Finance), Advance Health Care Directive and Deed.