You may have recently taken the major step of creating a revocable living trust. However, arguably the most important step is the one that follows, funding it with your estate’s assets. With that being said, please read on to discover how to transfer your assets to your trust and how a seasoned Broward County trust lawyer at The Probate Lawyers can help you execute this effectively.
How do I properly transfer my assets to my trust?
The measures you must take to initiate a transfer into your revocable living trust may depend on the type of asset in question. For example, say you wish to fund your trust with one of your real estate properties. Well then, you must prepare a new deed (i.e., a quitclaim deed) that names the appointed trustee of your trust as the new owner. Then, you must sign the new deed in the presence of a notary public and two witnesses, file it with the clerk of the court in the county where the property is located, and notify your insurance company and mortgage lender.
Secondly, say you want your trust to include one of your motor vehicles. For this, you may have to fill out a Trust Appointment Powers Affidavit. You may then file this, your vehicle’s current title, and proof of insurance with the Florida Highway Safety and Motor Vehicles (FLHSMV). Once again, you must inform relevant parties to avoid any complications or potential violations, like your auto insurance and any lienholders. With the many other assets you can fund your trust with (i.e., business interests, family heirlooms, etc.), and the special legal considerations they each have, legal guidance is a non-negotiable here.
What happens if I incorrectly fund my trust?
If you do not take the proactive measures to fund your trust with assets correctly, your trust may contribute zero benefits to your overall estate plan. This is because if these assets are not placed in the trust, they may be made vulnerable to the Florida probate process. Overall, this can delay when your desired beneficiaries can be distributed and reap the benefits of the assets you intended to leave for them. What’s more, this may be a generally more costly process, which again affects the value of your beneficiaries’ inheritances. This is not to mention the legal headache and personal disputes your beneficiaries would have otherwise easily sidestepped.
You should not let the pressure of creating a valid and enforceable estate plan rest solely on your shoulders. Please allow a competent Broward County estate lawyer from The Probate Lawyers to assist you throughout this process. We look forward to helping you set up your trust and then guiding you in funding it. Give us a call today.
