What Should Be Included In Your Trust?

When you work with an estate planning attorney, one of the recommendations he or she might make is to create a trust.

A revocable living trust can have many benefits, including helping you protect your assets while you’re alive and helping you easily pass assets onto loved ones after your death (including helping your family try to avoid probate).

There are numerous items you may want to include in your trust. Some of the most popular types can include:

1. Bank Accounts

All of your banking accounts – from savings to checking – should be included in your trust. You should check with your bank to get the exact details of what will be needed to pass your accounts onto a beneficiary. For example, some banks might require that your beneficiaries create a new account under their name instead of changing the name on your existing accounts. Your estate planning attorney can help you navigate these processes.

2. Stocks

If you hold corporate stocks or mutual funds, you should include these in your trust. To ensure the transfer goes smoothly to your beneficiaries, work with your estate planning attorney to determine what steps you need to take. You may also need to work with your broker to get the correct forms and certificates.

3. Bonds

You should put any bonds you have in your trust, but like with your stocks and bank accounts, you will need to take steps to ensure they are properly transferred to your beneficiaries. Any bonds you hold must be registered in the name of the trustee. A new bond will then need to be issued. You must work with your attorney to review your specific bonds and what steps need to be taken to ensure they can be properly transferred to your trustees.

4. Partnerships

If you hold any partnerships, these should also be placed in your trust. When doing this, work with your attorney to help register your partnerships in the name of your trustee. Your attorney can also help you determine what steps need to be taken – and if you need to pay any fees. A new partnership certificate may need to be issued – or the original one may need to be amended to reflect the updated ownership.

5. Real Estate Property

Any property you own should be included in your trust. You will need to work with your estate planning attorney to ensure your real estate property is correctly added to your trust, including contacting your mortgage company, as well as your title company.

6. Life Insurance

You might not think to include your life insurance in your trust. However, it can help your beneficiaries. While your life insurance policy itself is not transferred to a trustee, the death benefits can be. To ensure your benefits are paid to your trustee, make sure you complete a beneficiary form with your insurance company. You can have your estate planning attorney ensure you have completed the paperwork properly so the benefits can be easily distributed.

Why Hire Us To Handle Your Trust

When you need an estate planning attorney to help create a trust, let the experts at Johnstone Adams LLC represent you. We can ensure your trust is created the way you want, and your trustees are properly taken care of.

Ranked in the 2022 U.S. News – Best Lawyers® “Best Law Firms” list regionally in 12 practice areas, we have experts in many areas of law to give our clients top-notch representation. In business for more than a century, our firm can mix its experience with the ability to evolve with the changing times.

To get started, contact us at 844-682-7682 or info@johnstoneadams.com.