Things You'll Need:
- Trust
- Trust Schedule
- Asset Descriptions
- Deed
- Documents for Transfer of Title
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Step 1
The first thing you need to do to fund your trust is to list all trust property on the trust "schedule." The schedule is simply a commonly-used term that refers to a list of property attached to and incorporated as part of the trust document. You need to carefully and thoroughly list all trust property on the schedule. Then, depending on what type of property you want to transfer to the trust, you need to complete the proper paperwork to legally transfer the property.
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Step 2
If you want to transfer real property to a living trust, you will need to draft a deed from yourself individually to the trustee of your trust. Remember, the trustee holds legal title to all property in your trust. You will also need to record--meaning file a copy of--the deed with the county recorder in the county where your property is located. Remember that if you have taken out a mortgage on your property, you will most likely need the lender's permission before you can transfer the property, even if you are just transferring the property to your own trust.
Most personal property, such as jewelry, televisions and other household goods that are not governed by document title (such as a deed to a home or a paper car title), are transferred to the trust as soon as they are listed on the trust schedule. No further steps or paperwork are necessary. -
Step 3
Check your state law regarding transfer of title to certain personal property such as automobiles, boats and ATVs. Be aware that some state, such as California, don't allow the title to an automobile to be registered in the name of the trust, so you need to check your state's laws on this issue. And, remember that some insurance companies won't insure a car, boat, RV or ATVs if the property is titled in the name of the trust.
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Step 4
If allowed in your state, you need to complete a transfer of title to fund the trust with certain personal property, the ownership of which is represented by document title. In addition to cars, boats and ATVs, documents of title are also often necessary to transfer money market accounts, brokerage accounts, savings bonds, stocks and partnership interests. For example, to transfer a boat to your trust, you will need to draft a new document of title naming the trustee as the new owner and title holder. As long as the boat is listed on the trust schedule, then your trust is now funded with the boat.
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Step 5
Compile all of the trust paperwork into one organized binder. You need to include the trust document, the trust schedule, any deeds transferring real property, and any transfers of title for personal property.
