Ways to Transfer Title to Six Types of Assets into Your California Trust

As you create your estate plan in California, one of the final steps in the creation process is to fund your revocable living trust. This step, while occurring towards the end of the process, is vital to the overall success of the plan. Failing to move your assets into your trust may cause you to lose some or all of the benefits of setting up the trust to begin with. Certain assets should be moved into the trust, while it may be beneficial to leave other assets outside of the trust. An experienced Orange County estate planning lawyer can guide you through this process.

How exactly are assets moved in your revocable living trust? The following are examples of how six common types of property are transferred to your trust:

1. Real estate can be moved into a revocable living trust by executing and recording a new deed, granting title to the property from your name individually to the name of your trust.
2. Checking and savings accounts can be moved into a trust by changing the name of the account, or setting up a new account, to or in the name of the trust.
3. Motor vehicles can be moved into the trust by changing the name on the title to the trust.
4. If your attorney creating your California estate plan recommends moving retirement assets into a trust, this can be done by changing your beneficiary designations to the name of the trust.
5. Similarly, if your attorney recommends that life insurance proceeds be moved into the trust, you may change the beneficiary designation to the trust. You may also consider changing ownership of the policy to a trust, depending upon the advice of your attorney.
6. For personal property that does not have title or another way of documenting ownership, your attorney may advise creating a list or schedule to list the assets that are considered moved into the trust.

For more information about using and funding living trusts, view our free guide, Understanding the Revocable Living Trust – In Language that Anyone can Understand in 8 Minutes. Call our office of  experienced Orange County estate planning attorneys today for assistance with trust funding. Contact us today at (714) 282-7488 for a consultation.