Trust funding checklist

When you create your Revocable Trust, it is important to “fund” your trust, ie: title assets in the name of the trust.  Here's a checklist for assets to consider when retitling into the name of a revocable trust, and for those where you may designate the trust as a beneficiary. This list will help streamline the process of funding the trust effectively and ensure assets are correctly designated.  Michelle Goff Law will assist at the time the trust is created with all of your real estate.  Should you wish for assistance with your other assets, please contact us for pricing information.

 This is important to revisit over the years to make sure you haven’t purchased new real estate or opened new bank or financial accounts.  If you don’t “fund” your trust, there could be a probate at your death which is what you are trying to avoid by having a trust.

Assets to Re-Title into the Name of the Revocable Trust

Real Estate

Primary residence (home and any secondary/vacation properties)

Rental or investment properties

Land or undeveloped lots

Financial Accounts

Bank accounts (checking, savings, money market)

Brokerage accounts (stocks, bonds, mutual funds, ETFs)

Certificates of Deposit (CDs)

Non-qualified annuities (if applicable)

Business Interests

Closely held business interests (LLCs, partnerships, or privately held corporations)

Sole proprietorships or business assets

Other Assets

Vehicles (consider state laws on vehicle trust titling)

Intellectual property rights (patents, trademarks, copyrights)

Precious metals or collectibles (art, jewelry, other valuable items)

Assets to Name the Trust as Beneficiary

Retirement Accounts

401(k), 403(b), and other employer-sponsored retirement plans

Traditional and Roth IRAs

Pension plans (as allowed by the plan)

Note: Naming the trust as a beneficiary for retirement accounts should be done carefully due to potential tax implications. Consult a tax professional for optimal strategies.

Life Insurance Policies

Life insurance policies (ensure trust as the primary or contingent beneficiary)

Annuities

Qualified annuities (non-spousal beneficiaries may benefit from naming the trust, depending on goals and tax planning) Talk with your financial advisor.

Other Designations to Consider

Payable-on-Death (POD) accounts (consider naming the trust if available)

Transfer-on-Death (TOD) securities or accounts

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