The term “funding your trust” refers to the process of transferring assets to the trust. There are several ways of transferring assets into your trust, and it’s important to adhere to all of the legal protocols involved. Seek legal guidance from an experienced Orange County deeds attorney at the Citadel Law Corporation, when it comes to all matters related to trust establishment, funding and management. Our lawyers have more than two decades of extensive experience helping residents in the Orange County region and across Southern California, establish and manage trusts for maximum benefit.
There are several ways to accomplish the transfer process. First, identify which of the assets are eligible for transfer to a living trust. Not all of your assets may immediately be transferable into a living trust. Speak to an estate planning lawyer about how you can identify the assets that are not transferable into a trust.
Determine whether you want to want to transfer real property, like real estate, or personal property, like bank accounts or investment accounts. It’s important to get legal guidance when you go about these complicated procedures. Call an Orange County estate planning lawyer for help transferring assets into your living trust.
If you’re transferring your real property like a house to the trust, you must change the title to the property so that the trust is now the owner of the property. This is accomplished using a Grant Deed. Your attorney will prepare a Grant Deed that will clearly help identify the trust as the owner of the property. The deed must be signed in front of the notary, and then recorded.
Bill of Transfer for Living Trust
To transfer personal property like bank accounts and investment accounts to the trust, you must first visit the bank or investment firm and fill out appropriate paperwork that clearly establishes the trust as the owner of the account. In such cases, you may need a Bill of Transfer Living Trust document to help you transfer personal property that does not have a deed or title, to the trust. Speak to an estate planning lawyer in Orange County to complete the transfer of your personal property into the trust.
Personal property that cannot be immediately transferred to the trust, like your personal belongings or furnishings, must be listed in an attachment to the trust. These items will be transferred into the trust upon your death.
There are legal issues to consider when you are transferring assets into your trust. You can’t afford to make mistakes during this time. Discuss how you can accomplish the transfer of assets to your trust in accordance with California law with an Orange County estate planning lawyer. Call 949-852-8181 to speak with an Orange County deeds attorney at the Citadel Law Corporation and discuss your case.