Expert Advice When You Need It Most
Posted over 3 years ago. Applies to Ohio, 4 helpful votes, 0 comments
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Assemble a List of AssetsFirst, it makes sense to determine what assets you own. Often forgotten assets include life insurance, death benefits and retirement plans. Take out your current Form 1040 (if you have recently filed). Look at all the assets that report income and dividends and if you still own them, place them on a list of assets. Make sure to include the names of the stock, mutual funds, insurance companies, annuities and banks and the account/contract numbers and how the assets are currently titled. Next add to the list all real estate you own and how the real estate is titled. Do not forget to add your autos, boats etc. to the list and how those assets are titled. Add to your list any assets you own that are not included on your Form 1040. 2
Transfer Assets and Update Your ListDecide what assets you want to hold in trust and which you wish to keep outside the trust. Assets that are joint and survivor, payable on death, transfer on death, name a beneficiary or are titled in your Trust do not pass through probate. Assets that pass to someone other than the Trust will not be subject to the Trust. If you are adding stocks, mutual funds or bank accounts into your Trust, you must contact each individual company (and will probably need to make a trip to the bank with your Trust) and follow their rules to transfer the assets into the Trust or name the Trust as beneficiary (payable on death, transfer on death or beneficiary). Be careful naming the Trust as beneficiary of retirement plans as they have income tax issues. If you are adding your home or real estate to your Trust, a deed must be prepared and you may want to see an attorney. After you have transferred the appropriate assets into the Trust, update your list of assets and how they are titled. Additional ResourcesVisit www.budsolo.com for more information on avoiding probate and the use of trusts. Related Questions2 Attorney answers: 
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