Funding Your Trust

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Funding a trust is the most important first task in implementing the trust. It begins immediately upon executing or signing the trust, and consists of transferring all of your assets and property to the trust. A trust only governs the property or assets it owns or controls. In the video, Attorney Donohew introduces and explains how to use a Trust Funding Checklist to ensure that a trust is fully and properly funded.

Once your Trust is funded, you will need to keep and maintain the trust by, among other things, keeping the trust funded with newly acquired assets. If you purchase a new house or additional real estate, for example, the new property will need to be put in your trust. If you take title directly in the name of the trust, you won't have the administrative burden of preparing a new deed. Similarly, If you open a new bank or investment account, opening it directly in the name of the Trust will make it easier. In other words, keep your trust in mind as you make other legal and financial decisions.

You should also review your estate plan, and the documents that comprise the plan periodically. You should also review your plan after any major change in your life, or in the lives of your beneficiaries and fiduciaries, and any time your circumstances, goals or needs change dramatically. Regardless, the law and practice change periodically, so even if everything in your life seems to be stable and consistent, periodic review ensures that your plan is taking advantage of developments, and is not harmed or thwarted by changes in the law or practice.

The following are important articles regarding trust funding and links to funding forms:

ARTICLES

• A Signed and Recorded Deed is Necessary to Prepare A Deed Funding Your Trust
• Aging in Place Planning Heightens Necessity of Trust Funding
• Tenant's Estate Sues Landlord for Buyout Payment- Contracts and Agreements Are Assets

FUNDING FORMS*

Single Person

• Bank, Credit Union, Accounts and Safe Deposit Boxes 
• Investment Accounts (Stocks, Bonds, Mutual Funds)
• Stock Certificates
• Savings Bonds (call counsel)
• Life Insurance Beneficiary Designation
• Life Insurance Change of Ownership
• Non-Qualified Annuity Beneficiary Designation
• Non-Qualified Annuity  Change of Ownership
• Retirement Plan, IRA, SEP, Keough, TSA. Qualified Annuity Beneficiary Designation
• Homeowner's, Property & Casualty Insurance Policy ANI
• Motor Vehicle Insurance Policy ANI
• Motor Vehicle Title (Ohio)
• Motor Vehicle Transfer on Death (Missouri)

COUPLES

• Bank, Credit Union, Accounts and Safe Deposit Boxes
• Investment Accounts (Stocks, Bonds, Mutual Funds)
• Stock Certificates
• Savings Bonds (call counsel)
• Life Insurance Beneficiary Designation
• Life Insurance Change of Ownership
• Non-Qualified Annuity Beneficiary Designation
• Non-Qualified Annuity  Change of Ownership
• Retirement Plan, IRA, SEP, Keough, TSA. Qualified Annuity Beneficiary Designation
• Homeowner's, Property & Casualty Insurance Policy ANI
• Motor Vehicle Insurance Policy ANI
• Motor Vehicle Title (Ohio)
• Motor Vehicle Transfer on Death (Missouri)

The forms provided on this page are general and simple forms.  These use of any or all of these forms may not be applicable to your situation and circumstance.  Accordingly, these forms should be used only after consultation with counsel. 

Nothing contained herein should be construed as constituting legal advice which can only be given by a licensed attorney familiar with you goals, needs, and circumstances.