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How to Transfer Assets to a Trust

Posted by Chris Peterson | Jul 09, 2014 | 0 Comments

How to Transfer Assets to a Trust

How to Transfer Assets to a TrustTransferring Assets to a Trust

Creating a trust can be beneficial in avoiding probate after your death as well as in managing your financial affairs in the event of a disability and ultimately when you pass. However, the trust is ineffective concerning the disposition or control of the property until such time as the ownership of the asset is transferred to the trust.

Initial Considerations

It is important to understand and determine:

  • The nature of the asset
  • Whether a trust can in fact own the asset
  • If the intent of the trustor is best accomplished through transfer of the asset to the trust or in another manner

Real Property Assets

To transfer real estate to a trust, the title must be changed to reflect the fact that the trust is the owner of the property. As your Bryan TX living trust lawyer will tell you, a quit claim or grant deed is executed transferring title from an individual or couple as owners to the trustee of the trust and recorded in the county recorder's office.

Personal Property with a Documented Title

Assets such as bank accounts and investment accounts can be transferred to the trust by filling out the appropriate form for each account, which can be provided by the financial institution where the account is held. However, another consideration is that an asset held in joint tenancy passes to the survivor immediately upon the death of one party. Other assets with a named title holder, such as an IRA, cannot be owned by a trust, but a trust may inherit it as a beneficiary.

Tangible Personal Property

This includes such items as furniture, jewelry, art, silver and business equipment as examples. Transfer is accomplished through a writing transferring the specific items from the transferor to the trustee of the trust. For items of high value, a very detailed description of the asset should be included.

Pour-over Will

Even if your intent is to place all of your assets in the trust, a pour-over will is a way of ensuring no asset is forgotten.

Contact an Attorney for Legal Advice

A well-constructed estate plan can make matters for your loved ones far easier. To understand all the implications of a trust, call the Bryan TX trusts lawyers at Peterson Law Group at 979-703-7014.

About the Author

Chris Peterson

Chris Peterson is the owner of Peterson Law Group. He practices primarily in the areas of wills, trusts and estate planning; probate and trust administration; elder law; and business law. Chris is also the owner of Brazos 1031 Exchange Company.


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