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Transferring Assets to Trust: Steps on Moving Assets Into Trust

 

Transferring Assets to Trust: Steps on  Moving Assets Into Trust

Trusts have become increasingly popular these days. It’s mainly because they are the most effective way to transfer all the assets without going through the probate court. 

They are pretty simple to establish when you have an excellent and trained probate attorney in Atlanta beside you. Remember, your trust will not do a thing until you transfer all your assets. 

Even though it might be a little challenging, when you collect your documentation and then approach it one step at a time, you will gain your trust effectively. 

Although you will surely require the help of an estate planning attorney in Atlanta on such matters, here, in this article, you will learn how exactly you can fund your trust with the assets. Here are the steps that must be followed. 

  • Understand The Advantages Of The Living Trust

The main reason to create a living trust is to avoid probate. You can cut down the legal process so that you can validate and recognize your will and assets, and doing so will get distributed to all your heirs without the extra cost and time of the probate.

  • Categorize The Property

Right before you think of transferring your assets into the living trust, you first have to create a list of all your assets and fit them into one out of the four categories. These categories are real property, cash accounts, financial instruments, and tangible personal property. Every kind of asset carries a different procedure for transferring into the trust and make sure to follow the correct procedure for the category you choose.

  • Make A Will

Trusts are a part of a comprehensive estate plan, and they will not negate the requirement of a will. You must carry a simple will to deal with the assets, which you are not listing within your living trust. If you need additional help, please speak with your estate law attorney as they are the best people for such matters. 

  • Transfer Your Real Estate

The probate lawyers in Atlanta who helped you make the trust can draw up all those deeds required to transfer the ownership of your residence or any other property to your trust. It might feel like a massive step, but you are doing it to protect your property or assets from the probate court.

  • Assign The Financial Accounts

You must speak with your bank about the local methods. Several banking institutes will ask you for the trust documents right before they get the top open your accounts in your trust’s name and shut down the old account completely. The main trustees and the alternate trustees have to sign the signature cards. This is crucial as it will ensure the seamless transition of the accounts when you pass away.

  • Adding Bonds And Stocks To The Trust

You must speak with a broker who takes care of your account or the person who issued you the financial instrument. If the company carries particular forms and instructions, you have to follow them. Generally, you will offer a notarized letter containing your intent to transfer your account, a copy of the trust instruction, an IRS Form W-9, actual certificates, and a POW or power of attorney, which authorizes the change within the ownership.

  • Place The Tangible Property Into The Trust

Instead of vehicles, the palpable property can be easily placed in the trust. Firstly, you must make a written inventory of all the goods and then add it to the trust document. Lastly, you just have to store all the items within a safe and secure deposit container owned by the trust. 

Moving your assets into your trust is one of the most effective to prevent probate court. You can check out some of the useful ways to get it done through this article, as it will surely help you when you are thinking of transferring your assets to the trust in the future.