When people create an estate plan that includes a revocable living trust, they must then take the time to properly fund the trust. Funding a trust means transferring the property you own to the trust’s name so the trust becomes the new legal owner. Your estate planning lawyer will give you specific instructions on how to transfer different kinds of property, but you can expect to include the following types.
Your Bank Accounts
If you have a bank account that allows you to name a transfer on death beneficiary, don’t worry about transferring it to your living trust. However, any money market, saving, or checking account you have in your own name can, and should, be transferred to your trust.
Transferring your home and other real estate to your revocable living trust is almost always a good idea. However, transferring real estate can be a little complicated, and you will need to double check with your attorney to ensure that you are doing it properly.
Your Personal Property
Any valuable jewelry, artwork, or other tangible personal items you have should also be transferred to the living trust. You can also include any vehicles, such as your car, boat, or aircraft, though this may not be necessary depending on whether or not your state’s probate laws allow for transfer of titled vehicles outside of probate.
Debts Owed to You
If someone owes you an unsecured personal debt you can also transfer this to the revocable living trust. If you have a secured debt, you will need to talk to your lawyer about the possibility of transfer.