If you’re planning to create a revocable living trust, you will need to make sure that you understand how the trust works and what assets you can fund into your trust. Funding is essential for an estate plan to work.
Take a look at the following information, to better understand what assets can be included in your revocable living trust. If you have any questions about trust funding, or if you’d like to create a revocable living trust, contact an estate planning attorney.
- You fund your bank accounts into your trust. This includes many types of bank accounts.
- You can include your personal belongings in your trust. This means you can fund your family valuables, antiques, and items that offer a lasting memory.
- If you have real estate that you would like to include in your trust, you have the option to do this. This will require your attorney to draft a new deed, but it’s worth the investment.
- If you have royalties, patents, or copyrights, you can choose to include these assets in your trust.
- You’re able to include stocks and bonds in your trust. In order to do this, you will need to properly complete a transfer form.
- You can title your investment accounts in the name of your trust as well.
- While you can’t fund your retirement accounts into your trust, you can name your trust as the primary or contingent beneficiary. However, ask your estate planning attorney if this is right for your individual situation.
Where to Get More Funding Information
You can fund most of your assets into your revocable living trust. It’s important to work with an estate planning attorney so that your funding is appropriate and complete, thereby making your estate plan effective.
The Law Office of Michael Robinson, P.C. is a member of the American Academy of Estate Planning Attorneys.