What does and does not need to go into the trust
Real property, taxable investment accounts, business interests, valuable personal property, and out-of-state assets typically belong in the trust.
Trust FundingLegacy Counsel
Trust Funding: The Step Most Plans Skip
A trust controls only the assets it actually owns.
Key Points
- ◆Deed real property into the trust (and out-of-state property to avoid ancillary probate)
- ◆Retitle financial and brokerage accounts
- ◆Review and update beneficiary designations on retirement and insurance (rarely should the trust be the outright beneficiary)
- ◆Assign LLC and partnership interests with consent of the operating agreement
- ◆Maintain a funding log and review annually
Funding is ongoing, not one-time
Every time you open a new account, buy property, or change beneficiaries, the funding plan needs to follow.
Next Step
Talk to Legacy Counsel.
Fixed-fee estate planning for clients in New York, New Jersey, and Ohio.
Drew Jacobs is licensed in New York, New Jersey, and Ohio. Nothing on this page constitutes legal advice or an offer to represent you in a jurisdiction in which we are not licensed.
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