How to Successfully Execute Your Living Trust Documents

​You have finally completed your Living Trust and other Estate Planning documents and a heavy burden has finally been lifted off of your shoulders! (YES!)

First, congratulations! You have already taken a major step that only 20% of the American population has completed. Now that you have created your Living Trust, you now have to put assets in the trust. 

WAIT! you mean to tell me I’m not done yet?

Not quite. Many families forget to fund their trust. In order for the Living Trust to work efficiently, you have to put your assets in the trust. Here’s a list of common things you can put into your Living Trust

Common Things you Can put in Your Trust

• houses and other real estate (even if they're mortgaged)
• stock, bond, and other security accounts held by brokerages (but think about naming a TOD beneficiary instead)
• small business interests (stock in a closely held corporation, partnership interests, or limited liability company shares)
• patents and copyrights
• precious metals
• valuable works of art, furniture or antiques, and
• valuable collections of stamps, coins, or other objects.

So how do I put assets in the Living Trust?
Every company/entity will have their unique documents used to transfer property into your Living Trust. For a home, (mortgaged or not), you will have to fill out what’s called a PCOR, or (Preliminary Change of Ownership Form). This form will ask an array of questions that you’ll check/answer what’s applicable, ALWAYS putting “N/A” or “None” on what’s not. This form can be found at your local County Assessor’s Office or on their website. 

For stocks, bonds, or other security accounts, you’ll need to fill out a form called “securities assignment” (sometimes called a "stock power"). This document asks the securities' “transfer agent” for permission to transfer the securities to your trust.

For more information about what forms to use to fund your Living Trust, always be sure to contact the company/entity directly as each company’s processes and forms may be different.