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.

As you go throughout life, you will need to make periodic updates to your estate plan.  This not only includes taking the time to review and update your estate planning documents, but it also includes updating your beneficiary designations as well.

Updates should be made to ensure that your assets go to the right people.  Take a look at the following information to better understand the need for updates and how to go about updating your wishes.

Do you have any of the following assets?

• Life insurance policies
• Retirement accounts
• Pension plans
• Pay on death accounts
• Transfer on death accounts

Beneficiary Designation Assets

All of the above assets require you to appoint a beneficiary.  You can do this with the use of a beneficiary designation form.

Each time you update your estate plan, every three to five years, or upon the occurrence of a significant life event, review your beneficiary designations for each asset as well.  If a change needs to be made, do so expeditiously.

Where to Get a New Beneficiary Designation Form so You Can Update

Most beneficiary designations forms are available online from the custodian of your account.  The custodian is the investment company such as Vanguard, Fidelity, or ING.  If you can’t find the form, call your representative or the main office.

If you have a pay on death account or a transfer on death account, all you need to do is go to your bank and fill out a simple form.

Where to Get Help Updating Your Beneficiary Designations

If you’re looking to update all of your estate plan affairs, don’t forget to make changes to your beneficiary designations. This makes it possible for you to ensure that your assets are given to the right people after your death.

If you have any questions about updating your beneficiary designations, or if you’d like to review or update other estate plan affairs, consult with a qualified estate planning attorney.

The Law Office of Michael Robinson, P.C. is a member of the American Academy of Estate Planning Attorneys.