The term fund revocable trust can be scary for some and annoying for others. Because trust laws changed drastically on January 1, 2016, it is critical people fund their trust properly.
In Minnesota, the process to transfer your assets into a revocable living trust requires a few simple steps.
Thus, this law office encourages its Clients in Minnesota or Clients having property in Minnesota to consider the following:
Fund Revocable Trust: Step 1
The first step to fund revocable trust is to make a list of your assets and debts. 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
- Stock Options
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.
These documents are significant because they contain information about your beneficiaries and current title designations.
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.
Absolutely a person can fund their own trust. Other times, people prefer seeking help from their financial planner, banker, accountant, and or lawyer. In my experience, financial planners will help their clients with the funding process at little to no cost.