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Home >> How to Fund a Trust: 3 Methods

How to Fund a Trust: 3 Methods

July 7, 2015 by Andreas Kulas Leave a Comment

How to Fund a Trust: 3 MethodsUnderstanding how to fund a trust is essential for anyone creating an estate plan in the Port St. Lucie, Florida area. Funding a trust is simply the terms attorneys use to describe the process of taking an individual’s property and transferring it into the trust’s name, so the trust becomes the new owner. The trust funding process is essential if you want to get the most out of the trust, and knowing how to fund any trust you create is important regardless of the kind of trust you create.

How to Fund a Trust: Property Assignment

One of the easiest ways to fund a trust is to use a property assignment. With a property assignment, the trust maker can take his or her personal property and transfer it to the trust with a simple document. The assignment document is usually fairly simple, describing the property being transferred, naming the trust, naming the trustee, and including some basic terms or legal ‘boilerplate.’ Your attorney will draft the assignment for you, though you will have to sign it.

Property assignments are typically used with personal property that isn’t titled, or which doesn’t have other ownership or transfer requirements associated with it. For example, if you have a collection of valuable artwork, you can usually transfer those assets to your trust by using a properly drafted property assignment.

How to Fund a Trust: Transferring Ownership of a Bank Deposit Box

People with bank deposit boxes, sometimes called safety deposit boxes or known by similar names, can transfer the contents of those boxes to the trust. For example, let’s say you create a revocable living trust and have a bank safe deposit box that holds valuable historical documents. You can fund your trust by transferring ownership of the box to the trustee. You’ll have to contact your bank to find out how to transfer ownership of the box, but it is usually a simple process of filling out a form or two.

How to Fund a Trust: Testamentary Assignments

Another common way people fund a trust is by using their last will and testament to carry out the property transfer after they die. For example, let’s say you create your revocable living trust primarily as a means to transfer inheritances outside of probate. Even if you are careful to fund the trust as completely as possible, you’ll also likely have a ‘pour over’ will that directs that anything you left out of the trust will be transferred after you die. The will must contain terms that direct for the funding of the trust and must also be drafted in compliance with any relevant Florida laws.

Filed Under: Trust Administration

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

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Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

default image
Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

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