You want to create a revocable living trust for your estate plan, but you aren’t sure how to go about funding it. Here are some ways in which you can fund it and guarantee that your loved ones will get the assets they deserve once you’ve passed away.
You can transfer real estate into your revocable living trust. You will usually need a quit claim deed in order to do this.
If you have savings, checking, CD, or money market accounts, then you can transfer the value of them into your revocable living trust. Ask your bank about the steps involved.
Titled and Untitled Personal Property
It’s possible to fund your trust with both titled and untitled property. Property with a title includes a car, a boat, or an RV, while untitled property includes jewelry or furniture. For untitled property, it’s a good idea to describe what it looks like, as well as provide a certificate of authenticity for items like jewelry and antiques if possible.
If you own a business, you may be able to fund your trust with it. You will need to check your business agreement to see if there are any limitations.
Finding an Estate Planning Attorney
It’s always best to get in touch with an estate planning attorney when setting up and funding a trust. You can find out the benefits of a trust vs. a will and the best way to go about putting money into your trust while avoiding probate.
Contacting Legacy Law Group
If you need to hire an estate planning lawyer, then you can contact the estate planning attorneys at Legacy Law Group in Eastern Washington, Spokane Valley, and Spokane itself. Get in touch with us at (509) 315-8087.