What do I do once I have a trust?

Most people think that once they’ve signed and notarized the trust, they’re done! They don’t need to look at it ever again. I wish that were true.

There’s one more VITAL step: you must put all of your assets into the name of the trust. If you don’t put your assets into the name of the trust, they’re not IN the trust — and you don’t avoid probate!

How do I put assets into my trust?

If you have a house, then you need to make sure that you 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.” (Note that if you move your house into your trust, you are NOT facing a property tax reassessment; you still own the house!)

If you have a checking account or a savings account, you just need to contact your bank to tell them that you want to move your accounts into your trust. Different banks have different procedures; but it’s important to do this.

Other assets have 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?

In general, I recommend reviewing your estate plan every three to five years. The usual reasons for updating a trust have to do with the people involved, NOT the assets. So if you acquire a new house, you don’t need to update your trust — but you DO need to make sure that the new house is titled in the name of the trust!

Contact us for a complimentary consultation to review your estate plan with you and/or if you have any questions about how to get assets into your trust.