TRUSTS

draft of trust

Change in how California real property is owned
is by deed. The deed changes title from an individual as an owner in name only to an individual as trustee. The deed is recorded with the County Recorder.

Bank, brokerage and stock accounts are funded by
ownership change from you to your trust. You contact the bank and stock brokers. Included in your trust package is a certificate of trust to assist you in change of ownership.

Retirement plans are funded by designated
beneficiary. A designated beneficiary is a person or trust identified as the
payee on the death rtirement account owner. Plan administrators provide forms for the owner to name or change the designated beneficiary. For retirement accounts, the primary designated beneficiary is the non-owning spouse and the alternate or secondary beneficiaries are grown children or the trust.

Life insurance policies are funded by designated
beneficiary. A designated beneficiary is a person or trust identified as the payee on the death of the insured. Life insurance companies provide forms for the owner to name or change the designated beneficiary. For life insurance policies, the primary designated beneficiary is the trust.

A trust also needs a Will, commonly referred to
as a “Pour-Over Will.” Most trusts are prepared to avoid probate. But if an asset is not funded into a trust, a filing in probate court may be needed.

In the event probate is needed, the Will is the
document to file. In the body of the Will the dstribution of assets is to your trust. The assets of the probate estate then “pour-over” into your trust

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