ARTICLE: Optimizing Your Estate Plan: Transferring Assets into a Living Trust

Optimizing Your Estate Plan: Transferring Assets into a Living Trust

A living trust is a legal document that allows individuals to place their assets into a trust during their lifetime. Unlike a will, which only takes effect after death, a living trust becomes operational immediately, offering flexibility, privacy, and control over the distribution of assets. Including assets in a Living Trust guarantees that your assets will be handled and distributed as you desire. Let’s look at how this process works:

Identifying Assets

The first step is to conduct a thorough inventory of all assets. This includes real estate, bank accounts, investments, and personal property.

Create the Living Trust
Consult with an attorney to establish a living trust document that outlines how your assets will be managed and distributed. You’ll be named as the trustee during your lifetime, maintaining control over the trust.

Fund the Trust
Physically transfer ownership of assets to the trust. This may involve updating titles, changing beneficiary designations, or re-registering accounts and property in the name of the trust.

Update Legal Documents
Ensure that legal documents, such as deeds, titles, and beneficiary designations, reflect the living trust as the owner or beneficiary.

Manage the Trust
Continuing to manage the living trust during your lifetime is crucial. As the trustee, you retain control over trust assets, allowing for flexibility in making adjustments, additions, or distributions as needed.

As you navigate the complexities of estate planning, Roth Elder Law PLLC can assist you with creating a living trust tailored to your unique needs. The peace of mind that comes from knowing your assets are protected and your wishes will be honored is invaluable. Contact our office today to schedule a consultation and take the first step toward securing a legacy that will endure for generations. Call our office at 607-962-6162 or complete this intake form and we will be in touch to schedule a meeting.

Contact Us Today

We at Roth Elder Law, PLLC, believe in providing services in a way that clients can easily understand and meaningfully participate in designing and maintaining their estate plan for their loved ones, as well as be assured that their plan will be administered according to their wishes.