Using An Assignment Document To Move Your Property Into A Living Trust
Out of all the estate planning tools you can use to avoid probate, a good trust is one of the best you can use. By going over a few key facts about living trusts, and speaking with a lawyer, you can develop the best possible trust.
What Is A Living Trust?
A living trust is a trust that can be modified or revoked at any time. And, what this means is that, if you set up the trust but, then, want to modify it, you can do so at any time. Or, alternatively, you can end it, at any time.
Even though living trusts offer a number of disadvantages – they don’t protect your assets from creditors or reduce your tax burden, among other things – they also offer a number of key advantages:
- A living trust will protect your assets from probate.
- A living trust can ensure that your estate planning wishes are fulfilled.
- A living trust is flexible.
If those advantages sound good to you, then a living trust may be worth setting up. But, right before you can set up a living trust, you should know how to transfer personal property into the trust.
What Is Personal Property?
Personal property is a term that encompasses any movable object – a piece of furniture, for example – and any intangible asset of value – a patent, for example – that you would like to put into your trust.
If you have furniture or a car that you want to put into your living trust, then you can do so. And, this is also true of, say, things like your digital assets – photos on a USB drive, for example – among many others.
You can place personal property into a living trust. By doing so, that property will be distributed according to your wishes, without passing through probate.
A good example of the above is as follows: you place your furniture and car into a living trust, allowing those assets to go directly to your beneficiaries when you pass, without your beneficiaries needing to wait months/deal with fees.
How Can You Move Personal Property Into A Living Trust?
To move personal property into a living trust, you can develop an assignment document. By developing an assignment document, you transfer your ownership, of certain assets, to the trust.
The trust will now be the “owner,” as it were, of those assets. And, as a result of this, your trustee will have an easy time giving these assets to your beneficiaries, in the event that you pass away.
If you want to move assets out of the trust, or adjust the terms of your trust, you can do so at any time. This means that, if you want to take out an asset and put it back with a new assignment document, you can always do so.
Speak With A Florida Trust Lawyer Today
If you need help setting up a living trust, working with a lawyer is one of the best things you can do. Speak with a Florida trust lawyer at Millhorn Elder Law Planning Group today and we will help you develop a trust that satisfies all of your wishes.
Sources:
law.cornell.edu/wex/living_trust
law.cornell.edu/wex/personal_property
