Once your Trust has been established it is very important that you “Fund” your trust, meaning transfer your assets into the trust. To fund your trust requires you to actually change the title of your assets from your individual name (or joint names, if married) to the name of your trust for non-retirement assets. For life insurance and retirement accounts changing beneficiary designations may be needed.
If you have a brokerage account we suggest that you contact the financial institution immediately and inform them you have established your trust and you would like them to send you the necessary forms to establish your account in your name as trustee of your living trust.
If you have sock certificates or maintain the stock on book account with the company you will need to contact each of the companies and request their form to transfer the stock to your living trust.
If you have real property, that property should be titled in the name of your trust.
Retirement plans and life insurance accounts cannot be titled in your name as a trustee. The accounts will have a designated beneficiary to receive the account upon your death. If your estate has any of these accounts you should contact the plan or carrier and find out the name(s) of the individuals who are currently designated as beneficiaries and request a change of beneficiary form if you wish to them.
If you have established a Revocable Living Trust with our office and you need assistance in completing any forms our office will be more than happy to assist you.
- National Estate Planning Awareness Week: October 21, 2024 – October 27, 2024. - October 2, 2024
- National Estate Planning Awareness Week 2023: Protect Your Family and Legacy - September 28, 2023
- The Importance of Having an Estate Plan - February 2, 2023