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How do I transfer ownership of my assets to my trust?

Transferring ownership of your assets to a trust is an essential step in creating a robust estate plan. In this article, we will explore the process of transferring ownership of your assets to your trust, the benefits of doing so, and how an experienced attorney can help. If you need assistance with your estate planning, contact Heritage Law Office either online or at 414-253-8500 for a free consultation.

What is a trust and why should you create one?

A trust is a legal arrangement that allows a third party, known as the trustee, to hold and manage assets on behalf of beneficiaries. Trusts offer numerous benefits such as asset protection, tax benefits, and avoiding probate.

The different types of trusts

There are several types of trusts, each with its unique features and purposes. Some common types include:

Consulting an experienced attorney can help you determine the most suitable trust type for your specific needs and goals.

Transferring ownership of assets to a trust

The process of transferring assets to a trust varies depending on the type of asset. Here's a general outline of the steps involved:

Real estate

  1. Obtain a new deed, prepared by an attorney, transferring the property from your name to the trust.
  2. Record the deed with the appropriate county recorder's office.
  3. Notify your mortgage lender and insurance company of the transfer.

Financial accounts

  1. Contact your financial institution to request the required forms for transferring ownership.
  2. Complete the forms and submit them to the financial institution.
  3. Confirm the transfer has been completed and update your records.

Stocks and bonds

  1. Reach out to your brokerage firm or the transfer agent to request the necessary forms.
  2. Complete and submit the forms, along with the required documentation, such as stock certificates.
  3. Verify the transfer and update your records.

Personal property

  1. Create a written assignment document transferring ownership of tangible personal property to the trust.
  2. For valuable items, such as vehicles or artwork, obtain a new title or certificate of ownership in the name of the trust.

The role of an attorney in the asset transfer process

An experienced attorney can provide valuable assistance during the asset transfer process by:

  • Drafting and reviewing trust documents
  • Preparing deeds for real estate transfers
  • Advising on the transfer of complex assets
  • Ensuring that the trust is properly funded

Mistakes to avoid when transferring assets to a trust

Avoid common pitfalls when transferring assets to a trust by:

  • Properly identifying and documenting all assets
  • Ensuring the trust is fully funded
  • Regularly reviewing and updating the trust
  • Consulting with an attorney to navigate complex asset transfers

The importance of maintaining your trust

Regular maintenance of your trust is crucial to ensure its effectiveness. This includes:

  • Updating the trust as your circumstances change
  • Reviewing beneficiary designations
  • Addressing changes in tax laws
  • Revisiting the trust after major life events

Contact an experienced estate planning attorney

If you need assistance with transferring assets to a trust or other estate planning matters, contact Heritage Law Office. Our knowledgeable attorneys will review your needs and provide an outline of your best options. You can reach us either online or at 414-253-8500 to schedule a free consultation today.

Contact Us Today

For a comprehensive plan that will meet your needs or the needs of a loved one, contact us today. Located in Downtown Milwaukee, we proudly provide legal advice to those in Milwaukee County and surrounding communities.

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Milwaukee, WI 53202
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