I had yet another client who came to my office to update their current estate planning documents. The client needed to modify their Revocable Trust. The first question I always ask is "What have you placed in your trust?". When I get a blank steer, I know the client has not followed through on the most important part of having a Revocable Trust. You MUST retitle assets into the name of the Revocable Trust.
A Revocable Trust is a legal document. As a visual, I ask clients to think of it as a shopping cart. Once you have the shopping cart, you have to place items in it. Without these items, it is empty. The same applies to a Revocable Trust. If you do not retitle your assets into the name of the Revocable Trust, the Trust has not served its purpose. For example, if you want the Deed to your home or your brokerage account to be in the Revocable Trust, you would retitle those assets by changing from your name to "Your Name, Trustee for the Your Name Revocable Trust dated Execution Date."
Leave your comments here or contact us at http://www.ythlaw.com/
A Revocable Trust is a legal document. As a visual, I ask clients to think of it as a shopping cart. Once you have the shopping cart, you have to place items in it. Without these items, it is empty. The same applies to a Revocable Trust. If you do not retitle your assets into the name of the Revocable Trust, the Trust has not served its purpose. For example, if you want the Deed to your home or your brokerage account to be in the Revocable Trust, you would retitle those assets by changing from your name to "Your Name, Trustee for the Your Name Revocable Trust dated Execution Date."
Leave your comments here or contact us at http://www.ythlaw.com/
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