What to Put for the Exhibit List of a Living Trust
If you die without a will or living trust, your possessions will be held in probate and dispersed after lawyers decide who has rightful claims to your belongings. A living trust document can help your estate avoid this expensive and lengthy process, because it legally owns the belongings you specified in the trust's exhibit list. After you die, everything you cited in the trust's exhibit list can be promptly distributed to your heirs.
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Real Estate
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If you own a home, piece of land or other real estate asset, you can place this item in your exhibit list by citing the street address or full legal description. Investments such as timeshares and joint-ownership properties can also be included. For example, you can state that your house at "123 Elm Street, Washington, D.C., and all personal possessions inside the house," are included. When including a piece of real estate in your exhibit list, be sure to record a new deed with your county tax assessor's office to indicate that your property is now held inside your living trust.
Personal Possessions
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Everything from your formal china to your favorite chair can be included as personal possessions in the exhibit list. You can state what material possessions you want to include in the exhibit list in general terms, such as "All personal possessions inside the house at 123 Elm Street." If you want to ensure that specific items are included, you can list every item in your home that you consider valuable enough to include. As you acquire new possessions, you may need to revise your living trust paperwork to ensure that your favorite possessions are included.
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Money
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All types of monetary funds can be included in a living trust exhibit list. Cash can only be listed on the exhibit list if you designate what source the money is coming from. For example, you can state that "All funds inside my bank account at XYZ Bank" are to be included. Make sure you list the dollar amount and the account number. If you stuff your money under your mattress, it's legal to include this money in the trust, but if you move it out from underneath your bed, then it is no longer inside the trust and subject to probate. Other monetary items that can be included are securities, mutual funds and CDs, but you must be specific when naming the accounts to ensure they are included in the trust. Since you were probably asked to designate beneficiaries when opening these types of accounts, it's a good idea to consult with your financial planner to determine if you should include them in the trust.
Business Assets
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If you are an entrepreneur who owns a sole proprietorship business or has a share in a corporation or partnership, you can include all of your business assets by designating them on the exhibit list. This applies to everything from office furniture to client lists and copyrights, trademarks and patents. If you own a share of a business, you can include that, too, but remember that you must modify the corporate ownership documents to indicate that your share of the business is now owned by the trust. Including your share of ownership inside the trust is especially important for entrepreneurs, since it can ensure that your survivors will be able to liquidate your business and its assets and pay off any debt immediately after you die. Optionally, they can continue running your business without the interruption of probate.
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