To enjoy the advantages of having a living trust, your assets need to either be titled in the name of the trust or the trust needs to be a designated beneficiary of your assets. In general, it is often easiest to you keep your assets titled in your name and add your trust as a beneficiary of your assets. However, each case is different, and you should always consult with your attorney to determine how to fund your trust.
- Real Estate – In Ohio, you can execute and record a transfer on death designation affidavit, which will transfer your real estate to your successor trustee upon your death. However, other states, like Kentucky, do not allow for a beneficiary of real estate. In those states, you will transfer the real estate into the name of the trust.
- Personal Property – You can execute a document transferring all your personal belongings, furniture, jewelry, electronic assets, and all other tangible personal property into the trust.
Motor Vehicles – In Ohio, you can transfer motor vehicles into the name of the trust, or alternatively, you can name the trust as a beneficiary of your vehicle. However, if you anticipate purchasing a new vehicle in the near future, you may prefer to wait until you purchase the new vehicle so that you can purchase it in the name of the trust.- Bank Accounts – You can make your bank account payable on death (POD) to your Trust.
- Investment Accounts – You can make non-retirement brokerage accounts transfer on death (TOD) to your trust or you can re-title the account in the name of your trust.
- Life Insurance – You can name your trust as a beneficiary of your life insurance. (Please note that a married person may want to name his or her spouse as the primary beneficiary with the trust as the contingent beneficiary.)
- Retirement Accounts – You can name your trust as a beneficiary of your retirement accounts, but it is not always advisable for tax reasons. You should first consult with an attorney to determine whether it is appropriate in your circumstances. For example, a married person typically would want to name his or her spouse as the primary beneficiary.
- Savings Bonds – You can request that your savings bonds be re-issued in your name as trustee of your trust.
- Individually Held Stocks – You can contact the transfer agent to have stock reissued to the trust, or you can make then transfer on death to the Trust.
- Limited Liability Company Interest – in Ohio, you can assign your interest in a limited liability company (LLC) to your trust or make the trust the beneficiary of your LLC interest.
- Safe Deposit Box – If you have a safe deposit box, you should consider transferring it into the name of your trust.
Each company, bank, agency, and institution has its own rules as to how an asset can be titled and/or beneficiary designated. These are basic instructions that may have to be tailored depending on your circumstances and the institution’s rules.
