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Funding Specific Assets
When
transferring assets to your living trust, it's important to be
knowledgeable about how various types of assets are best
funded. This involves determining what legal steps are
required to fund particular asset types. For example, in
some cases it is advisable to change ownership by re-titiling the
asset to the trust. With other assets, it's wise to change
only beneficiary designations. Sometimes, you should change
both! But being informed about these matters is only
part of the process. Other important factors to consider
are:
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How to draft
legally sound transfer documents which address the asset's
relevant funding issues;
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How to obtain
company-specific transfer forms required by many financial
institutions;
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How to identify
the trust documentation required by financial companies in
order to fund the asset;
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How to secure
written verification documenting that an asset has in fact
been properly transferred.
Trust funding is
typically coordinated with the goals of your estate plan. We
recommend you consult with your estate planning attorney to ensure
that you follow proper procedures when funding your living
trust. Your estate planning attorney can advise you and
provide you with trust funding support. For more information
on the nuances of trust funding, click on the link below to review a
topical legal bulletin by asset type. Note these legal
bulletins are general in nature. Please
read the disclaimer below.
DISCLAIMER
The information contained in this web site is general in nature and
does
not constitute legal advice. Non-attorneys
should consult with a qualified estate planning attorney regarding
any trust funding matter. Issues of state law may contradict
any information contained herein. Accordingly, the information
contained in this legal bulletin and on our web site should not be
relied upon without first confirming with a qualified attorney that
the legal requirements in a particular state are satisfied.
This web site, our products and services, and any other resources
are
not intended to be a substitute for research, continuing legal
education, or a thorough knowledge of the law.
In using any aspect of this web site, the user, whether attorney or
non-attorney, agrees to assume all responsibility for the validity
of the information contained herein.
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