You may know that you must fund your revocable living trust with assets for it to work, but you may not be clear on its implications. That is, when you do this, you are essentially transferring your ownership rights to the trust, or the name of your appointed trustee. Once you accept that you are okay with this, you may proceed forward with funding. For this, please follow along to find out how to fund your trust with varying assets and how a proficient New York City trusts attorney at Zimmet Law Group, P.C., can work to ensure no stone is left unturned, so to speak.
How do I fund my revocable living trust with assets correctly?
In the same way that the process of acquiring certain assets may have gone about differently, so does the act of transferring ownership rights to your revocable living trust. That is, to execute a full and legal funding, you must observe the following procedures:
- To fund your trust with a house: you must draft a new deed, get it notarized, and file it with the county clerk’s office in the county where your house resides.
- To fund your trust with a vehicle: you must sign the title as the trustee of your trust, complete a Trust Appointment Powers Affidavit, and file it with the DMV.
- To fund your trust with a bank account: you must contact the bank where the account is held to get their specific required forms, then fill them out and file them.
- To fund your trust with a business interest: you must review your business’s governing contracts to see if this is permitted, then create an assignment of interest document.
- To fund your trust with a personal belonging: you must create an assignment of personal property document, list the item, get it notarized, and attach it to your trust document.
Can I use a pour-over will to transfer forgotten assets to my trust?
As you can conclude from the information provided above, transferring ownership rights over certain assets to your trust can be a lot of work. With so many steps, which vary amongst different asset types, there comes a higher probability of oversight or mistakes. So, to add an extra safety net in your estate plan, you may establish a pour-over will. This may transfer any forgotten assets into your trust after your passing and after the probate process. However, estate planning documents should not substitute your proper trust funding entirely.
You should not let the pressure of creating a valid and enforceable estate plan rest solely on your shoulders. Please allow a talented New York City estate planning attorney at Zimmet Law Group, P.C. to assist you throughout this process. We look forward to helping you set up your trust and then guiding you in funding it. Give us a call today.
