Revocable Living Trusts

Once you establish a Living Trust, the next step is to fund it by transferring your assets. You can transfer many assets into a Revocable Trust, including:

• Real Estate: These assets could include residential properties, vacation homes, rental properties and any other real estate holdings.
• Bank and Investment Accounts: Savings accounts, checking accounts, certificates of deposit (CDs), stocks, bonds, mutual funds and other types of investment accounts can be transferred into a Revocable Living Trust.
• Business Interests: If you own a business or have ownership interests in partnerships or corporations, you can transfer these into the Living Trust.
• Personal Property: Assets such as vehicles, valuable personal belongings, artwork, jewelry and other tangible possessions can also be included in the Living Trust.
• Intellectual Property: Rights to patents, trademarks, copyrights and other intellectual property can be transferred into the Living Trust.
• Life Insurance Policies and Annuities: These financial instruments can form part of the Trust’s assets.

Once the grantor funds the Living Trust, the trustee can access and manage all of Trust assets as if they were in the person’s name, including buying property or selling property, withdrawing money from bank and brokerage accounts in the name of the Trust and other actions.

As the name suggests, a Revocable Living Trust can be amended or revoked by the grantor during their lifetime. An Irrevocable Living Trust, on the other hand, cannot be altered or amended once established. Whether a Revocable Trust or an Irrevocable Living Trust is better for you depends on your unique circumstances and goals. Consult a knowledgeable and experienced Estate Planning attorney, who can recommend the right tool for you and your family.