What Assets Should You Put in Your Living Trust?

In order for your trust to be effective, you must "fund" your trust, by transferring and/or retitling assets in the name of the trust.

The assets you generally should put in your trust include:

• Real Estate
• Banking and Related Financial Accounts
• Stocks, Bonds, and CDs
• Business interests
• Intellectual property
• Oil and Gas interests
• Personal untitled property

Other assets that you should discuss with your estate planning professional include:

• Life Insurance
• IRA and other tax-deferred accounts
• Certain types of stock options
• Professional Corporations
• Automobiles

It is possible to place these latter assets in trust, however because of tax implications and other liability concerns associated with putting these assets into your revocable living trust, you will want to discuss this decision with an estate planning professional before taking action.  If you do not have an estate planning professional, please contact The Herr Law Group to schedule an appointment to speak with our office.