Transferring Property To A Revocable Trust
You do not have to be rich to set up a revocable trust. In fact, if you are watching every penny, that is an even better reason to establish one. Revocable trusts are an effective way to save money on taxes while you are alive and to pass property to your heirs seamlessly after you die. In order for a revocable trust to achieve either of those purposes, though, you must fund the trust. Funding the trust means giving up your personal ownership of certain items of property and making the trust the legal owner of those assets. You cannot simply transfer half of all the assets you own with a single signature; even if you are of modest means, you probably own a variety of assets (for example, a house, a car, bank accounts, and furniture), and those have different rules regarding transfer of ownership to a revocable trust. The best way to make the process of transferring property to a trust stress-free is to work with a Tampa estate planning attorney.
Funding Your Revocable Trust With Real Estate and Other Titled Property
Transferring ownership of property is easier with some types of assets than with others. If you have ever bought or sold a house, then you know how many documents are involved and how many signatures they need. Some of these documents are a matter of public record, which means that, if you transfer your house or any other real estate property that you own to a revocable trust, at least some information about the trust will become public. It is a good idea to work with a lawyer if you are transferring real estate property to your revocable trust.
Real estate is not the only type of property that comes with a title. The owners of vehicles and vessels such as cars, trucks, motorcycles, and boats must also register the title to these items of property. If you transfer ownership of your vehicle or watercraft to a revocable trust, you will also need to change the title to it.
Transferring Property That Does Not Come With a Title
Transferring personal property such as furniture, jewelry, and memorabilia to a revocable trust is considerably simpler. You can just write a transfer of ownership that includes a detailed description of the property you are transferring to the trust. The procedure for transferring bank accounts to a trust varies from one bank to another. Some banks will just let you remove your name from the account and add the trust as owner, but others require you to open a new account with the trust as the account holder and transfer funds into it.
Contact David Toback With Questions About Setting Up Your Revocable Trust
Funding your revocable trust requires some planning, but it is not difficult. A Central Florida estate planning lawyer can help you and your heirs save money and stress with a revocable trust. Contact David Toback in Tampa, Florida to set up a consultation.
