WHAT ASSETS SHOULD BE INCLUDED IN A TRUST?

You’ve signed your trust documents at your attorney’s office and now you think you can kick back and relax because everything in your estate is ready to go. But did you know that setting up a trust is only half of the solution?

To have a revocable living trust take effect, it should be funded by transferring certain assets into the trust such as real estate, financial accounts, life insurance, personal property, business interests, annuity certificates, and more.

While you may wonder if it’s a good idea to place your house in a trust, it may be one of your largest assets, and a living trust can help you transfer the real estate quickly. In addition, this helps avoid the hassle of separate probate proceedings for land, commercial properties and homes that are owned out of state.

Some of the financial accounts you can own in your trust include:

-Bonds and stock certificates

-Shareholders stock from closely held corporations

-Non-retirement brokerage and mutual fund accounts

-Money market accounts, cash, checking and savings accounts

-Annuities

-Certificates of Deposit

-(and) Safe deposit boxes

Of course, this is not a comprehensive list and you may have other assets that should, and potentially should not, be included in your trust. To find out more, the advice and guidance of an experienced estate planning attorney will prove to be invaluable.

When you have questions, Doane & Doane will be there for you with the answers. Find them online today at doaneanddoane.com.