I have my trust… now what?

Many times people think that once they’ve signed the final paperwork and have their trust, they’re done and they don’t need to look at it ever again. However, you must put all of your assets into the name of the trust. Otherwise, you have an empty wagon with nothing in it – and if nothing is in the wagon, then the wagon doesn’t go anywhere, and it doesn’t pass right by probate court.

What does it mean to put assets into my trust?

If you have a house, then (unless otherwise agreed with your attorney) you need to retitle your house through a deed. The deed would be moving the house to “Joe Smith, Trustee of the Smith Living Trust, dated October 22, 2023.”

 If you have a checking account or a savings account, you’ll need to contact your bank to tell them that you want to move your accounts into your trust. It will not change your account number (and shouldn’t change how your checks look) because it uses your social security number. But it will ensure that your accounts are in your wagon – and avoid probate court.

Different assets have different requirements to transfer into the trust. Please speak with your attorney if you have any questions.

How often should I review my estate planning documents?

Every 3-5 years. Contact us for a complimentary consultation to review your estate plan with you!