How To Fund Your Trust

After you hire The Justice People® to prepare your living trust and you receive your Living Trust documents, your trust will not take effect until you have executed it by signing all the necessary papers and obtaining witness signatures and notarization. However, your trust will remain “unfunded” until you transfer your assets into it. Transferring your assets into your trust is actually quite simple. With a deed, for example, you transfer your real property from your “current ownership” into your new “trust.” The law does not consider such a transfer to be a sale for the purpose of reassessing your property for tax reasons. You also simply contact your bank or other institution where you hold assets to rename your assets and accounts as now belonging to your trust.

INSTRUCTIONS FOR FUNDING YOUR TRUST 

CDs, Savings Accounts and Checking Accounts

Go to your bank with your trust documents and tell the customer service representative that you have created a trust and you need to change the name on your accounts to reflect the trust name. The representative will have the proper forms for you to fill out.

Stock or Mutual Funds

Your account executive will give you the papers needed to transfer your current name to your trust name.

Real Estate

You will need to fill out a Quit Claim Deed transferring title to your trust name. Be sure to have your exact property description. It needs to be witnessed and notarized. The Quit Claim Deed is then taken to the County Recorder in the county where the property is located and filed. You will further need a “transfer of property form” which can be picked up at the Recorder’s office. In filling out this form, you will need the “parcel identification number” which can be found on your insurance papers or tax papers.

Mobile Homes

You will need to change the title on your mobile home from your name to the name of the trust. This is done at the Bureau of Motor Vehicles in the county where the mobile home is located. There is a small fee for this to be accomplished.The Justice People® can help you prepare a Living Trust l that accomplishes all of your estate planning goals without the expense of hiring an attorney. With our package you will be able to express all your wishes and breathe easy about tomorrow.

It’s never too early to start! Call today! (805) 292-9000 or book an appointment.

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