You took the step to keep your inheritance out of a Florida probate court by creating a revocable trust. But now you must transfer assets into it to make it useful.
Without assets, your trust is just an expensive entity without any use. By transferring your possessions, you ensure that your loved ones can receive your inheritance without going through the court. But how do you put your assets into the trust?
Transferring a title
For any assets with your name listed as the owner, you can change the title into the trust’s name. Common assets that you can transfer this way include:
- Bank accounts
- Investment accounts (excluding 401(k) or independent retirement accounts)
- Your house
- Real estate
- Certificates for stocks and bonds
When you retitle these assets, you transfer the ownership to the trust. If you have a revocable trust, you are still the trustee and can keep control of the property while you are alive.
Assigning ownership of untitled property
Not all your possessions have titles. With these items, you must assign the trust ownership rights. These assets can include:
- Money that you’re owed
- Interests in a limited liability company
- Oil, mineral or gas rights
With these assets, you list out what the items are and that you designate their ownership to the trust.
Funding a trust ensures your assets avoid probate
Your trust can help you protect your assets from the lengthy process of probate court. Instead of a judge ruling on your will and distributing your assets, the beneficiaries of a trust can have quick access to your inheritance.
Making sure you fund your trust as soon as possible ensures that your loved ones don’t have to wait for a court’s decision.