The term fund revocable trust can be scary for some and annoying for others.  Unfortunately, funding laws in Minnesota keep changing.

In Minnesota, the process to transfer your assets into a revocable living trust depends on the asset. In general though, this can be outlined in a few straightforward steps.

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Fund Revocable Trust: Step 1

The first step to fund revocable trust is to make a list of your tangible assets versus intangible assets.

This law office recommends making a list of your stuff using the following categories:

• Bank Accounts
• Savings Accounts
• List of Firearms you own
• Retirement Accounts
• Real Estate
• Motor Vehicles
• Your Prized Possessions
• Business Ownership
• Debts
• Stock Options
• Intangible Assets

Of course, some categories may or may not apply to you and your situation.  

None the less, your process to fund revocable trust will be smoother if you take time to think through the property you own or have rights to.

Fund Revocable Trust: Step 2

The next step a person in Minnesota should consider when trying to fund revocable trust is to acquire copies of the following documents:

• Your “Certificate of Trust”
• Divorce records
• Life Insurance Policies
• Statements for your Retirement Accounts (IRA’s, 401(k), 403(b), etc.)
• Title(s) for your automobiles
• Copies of Deed for any property you own
• Bank Statements (checking, savings, etc.)
• Military Records (DD 214, Notice of Discharge, Disabilities)
• Social Security Statements
• Articles of Incorporation attached to any business you ave ownership in
• Records attached to your firearms
• Other documents you believe are significant.

Whether you like the idea of thinking through this like a cardboard box or otherwise, this is important to beneficiaries.

In other words, a critical step for any person having a trust is to “re-title” your assets and property such that they match the title and wishes expressed within your trust.

Fund Revocable Trust: Step 3

The third and final step for a person in Minnesota looking to fund a revocable trust is to determine who will complete the funding process.

Some seek out professional advisement to avoid pitfalls, while others prefer other methods.