When it comes to estate planning, creating a revocable trust is a crucial step toward ensuring that your assets are managed and distributed according to your wishes. However, simply setting up a trust isn’t enough. To truly safeguard your estate, you must take the essential next step: ensuring that your assets are properly titled in the name of the trust. This process, often overlooked, is vital for the effectiveness of your estate plan.

Step 1: Conduct a Trust Inventory

The first step in ensuring your assets are in your revocable trust is to conduct a comprehensive trust inventory. This involves listing all of your assets—everything from real estate and bank accounts to stocks, bonds, and personal property. The goal here is to identify which assets are already in the trust and which are not. This inventory will serve as a roadmap for the steps you need to take next.

• Real Estate: Ensure that the deeds to your properties are titled in the name of your trust.
• Bank Accounts: Check that your savings, checking, and other financial accounts are held in the trust's name.
• Investment Accounts: Verify that stocks, bonds, and brokerage accounts are correctly titled or have the trust named as a beneficiary.

Step 2: Retitle Your Assets

Once you’ve identified which assets are not yet in your trust, the next step is to retitle them. Retitling means changing the legal ownership of an asset from your name to the name of the trust. This process may involve filing paperwork with financial institutions, changing deeds for real estate, and updating beneficiary designations on insurance policies and retirement accounts.

• For Real Estate: Work with a real estate attorney to transfer property deeds to your trust. This step is crucial for ensuring that your property avoids probate.
• For Bank and Investment Accounts: Contact your bank or financial advisor to change the title of these accounts to your trust. This might require completing specific forms or providing proof of the trust’s existence.
• For Personal Property: While some personal items, like vehicles or collectibles, might not need to be retitled, consider listing them in the trust document or an attached schedule to ensure they are included in your estate plan.

Step 3: Review and Update Regularly

Estate planning is not a one-time task. Life changes—such as acquiring new assets, selling property, or changes in family dynamics—necessitate regular reviews of your trust and its contents. Make it a habit to review your trust at least annually or after any significant life event to ensure that all your assets remain correctly titled and aligned with your wishes.

Step 4: Schedule a Consultation with Anderson Legal Services PLLC

Ensuring that your assets are in your revocable trust is a critical component of your estate planning. However, the process can be complex and time-consuming. Anderson Legal Services PLLC specializes in estate planning and can assist you with every step of this process, from conducting a thorough trust inventory to retitling assets and ensuring that your estate plan is comprehensive and up-to-date.

Now is the perfect time to take control of your estate planning. Schedule a consultation with us today to ensure that your assets are secure in your revocable trust, giving you peace of mind for the future.