Funding

funding-signature-documentsOnce you have established a trust agreement, the next step is ensuring your assets are properly transferred to the trust. This includes transferring bank accounts, investment accounts, real estate, timeshares, vehicles, stock certificates, Certificates of Deposit (CD’s), oil rights,bonds, mineral rights, and in some cases, life insurance policies.

Why Should I Transfer Assets to My Trust?

Transferring your assets to your trust offers several benefits. First, any assets placed in a trust does not have to go through probate upon your death. You control the trust during your lifetime and the trust then is managed by a successor trustee. This ensures that your assets are always managed the way you’ve intended.

What About Assets Not in a Trust?

Generally, if you have established a trust, it is a good idea to establish a pour over will which would then go through the probate process and distribute the remaining assets to your trust. This is a safety net of sorts that allows you to “recapture” any forgotten assets. We can help you decide which assets must go into the the trust and which can be distributed to heirs in a different manner such as Paid On Death, Transfer On Death, beneficiary designations, or deeds. It is essential that we evaluate every one of your assets to determine the best method of leaving it to your heirs.

What Happens To the Assets in the Trust?

Until the time of your death, the assets in your trust are still in your control as the trustee. These assets still belong to you and you have the right to remove the assets, sell the assets or distribute them as you see fit. Upon your death, the successor trustee named in your trust documents would then carry out the terms of the trust agreement as you have specified.

The funding process for a trust can be time consuming and requires you to provide an entire list of your assets. We will work with you to determine the best way to handle property, timeshares, accounts, vehicles, toys, heirlooms, investments, mineral rights, 401(k)’s, Stocks, bonds, CD’s, IRA accounts, life insurance, and items that need a beneficiary designation. Contact Kramer Legacy Documents, LLC today at (623) 974-2272 for all your trust funding needs.