Putting assets into your Trust is called “funding” the Trust.
Funding can occur during your life or after you pass.
The biggest assets for most people are real estate and stock.
Both are usually transferred to Trusts upon death.
I. For real estate a signed and notarized Transfer on Death Deed must be recorded in the county where the property is located. Electronic signature and notarization is treated the same as ink signatures and a notary stamp.
Here is a link to an article about Transfer on Death Deeds.
II. For 401(k), IRA, brokerage accounts, life insurance, and health savings accounts Beneficiary Designations are used. If you are married you have to name your spouse as 100% primary beneficiary unless your spouse consents in writing on a Spousal Consent Form.
Here is a link to an example of my Beneficiary page from Fidelity.
Here is a link to an example of the form from Fidelity.
For many people those two assets types could be 85% or more of your estate. As long as no assets worth over $100,000 are left no Probate of your Estate will be necessary because assets worth under that amount can be transferred with an Affidavit of Small Estate.
Here is a link to a template Affidavit of Small Estate.
III. You can open new accounts in your name as Trustee of your Trust and then transfer funds from accounts in your name personally.
Reasons for doing so include providing easier and more immediate access to funds for care of minor children, avoiding Probate on account containing over $10,000, and segregating separate property in a way that becomes irrevocable at death so that you can pass assets to beneficiaries other than you surviving spouse.
Here is a link to information about opening Trust accounts.
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Mulvaney Law Offices, PLLC is located in Bellevue, Washington, representing estate planning & probate, chapter 7 and chapter 13 bankruptcy, and real estate transactions clients in:
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