Things You'll Need:
- List of assets
- Asset ownership documents
- Living trust documents
- Notary
-
Step 1
Transfer the deed of real estate into the name of the living trust. Because real estate laws differ in each state and require different procedures to be followed, enlist the help of a real estate attorney to assure that the transfer is completed correctly.
-
Step 2
Contact your bank and transfer all of the bank accounts you want to include in your living trust, except for your personal bank account, into the living trust's name.
-
Step 3
Contact your bank and transfer all of the bank accounts you want to include in your living trust, except for your personal bank account, into the living trust's name.
-
Step 4
Draw up documents to transfer ownership of your businesses to the living trust. If you are a partial owner of a business, you will need to complete the transfer of ownership papers with the other owners. Assitance from business attorney is useful for dealing with the complexities of business ownership transfers.
-
Step 5
Name your living trust as the beneficiary of your life insurance policies.
-
Step 6
Transfer ownership of vehicles to your living trust with caution. It is usually advisable to leave personal vehicles out of a living trust because it can be difficult to insure vehicles owned by a living trust. Talk to your automobile insurer before making the transfer to make sure that insurance will still be obtainable.
-
Step 7
Enlist the help of a lawyer when transferring annuities and royalties, because of the complexities involved.
-
Step 8
List all of your assets that you wish to include in your living trust, in your living trust documents. Items that do not hold legal titles of ownership, such as personal items, can be listed in the trust with detailed descriptions of the items and their locations.
-
Step 9
Bring your living trust to a notary to be notarized. Although this is not required in all states, it helps verify the validity, if ever in question, of your living trust documents. Depending on your location, it may be required that you record the living trust at the county recorder's office. Ask your county recorder's office or an attorney if you are unsure if your area requires recording of living trust documents.
