Legal Question in Wills and Trusts in Florida

Re: Allocating assets to a trust

talk to the attorney that drafted the trusts for you.

Re: Allocating assets to a trust

Consultation with an attorney is strongly recommended. However: Property that has ownership documents requires a re-registration of ownership into the trust name. Once the trust has been established, signed and notarized, this process should begin. The document of the title must clearly show that the trust is the legal owner of the property, or the trustee will not be able to legally transfer any of that property, and it will be subject to going through probate.

The type of property owned which requires this re-registration of ownership to by the trust includes (but is not limited to) the following:

_ real estate

_ bank accounts

_ stock accounts

_ money market accounts

_ mutual funds

_ most bonds, including U.S. Government Securities

_ safety deposit boxes

If you set up a trust and fail to re-register ownership of a specific asset or have it specifically listed as beneficiary on the asset, it will remain outside the trust after you die. With real estate, for example, you must prepare and sign a deed listing the trust as the new owner. Then the deed must be witnessed, notarized and properly recorded. For accounts, ask your bank, mutual fund, brokerage account, etc., for the proper form.