Why and How to Transfer Your Assets to Your Revocable/Irrevocable Trust
Many people choose a revocable/irrevocable trust instead of relying on a will or joint ownership in their estate plan. They like the cost and time savings, plus the added control over assets that a trust can provide.
For example, when properly prepared, a trust can avoid the public, costly and time-consuming court processes at death (probate) and incapacity (conservatorship or guardianship). It can let you provide for your spouse without disinheriting your children, which can be important in second marriages. It can protect inheritances for children and grandchildren from the courts, creditors, spouses, divorce proceedings, and irresponsible spending.
Still, many people make a big mistake that sends their assets right into the court system: they don’t fund their trusts.
What is “Funding” My Trust?
Funding your trust is the process of transferring your assets from you to your trust. To do this, you physically change the titles of your assets from your individual name (or joint names, if married) to the name of your trust. For some types of accounts, you will not transfer the title of the account to the trust, rather you will change either the primary or contingent beneficiary designations to your trust. This process can be confusing and overwhelming to tackle. Some investment firms require specific forms be used for the transfer/beneficiary requests. That is where Financial Wealth Solutions, Inc. (FWS) can help with our professional financial advisors and administrative staff.
We Provide the Following Services for One Flat Fee:
➢ Asset Inventory
➢ Money Edge Pro Asset Analysis by Asset Type
➢ Money Edge Pro Financial Report Printouts
➢ Determining Which Assets Will Be Retitled & Which Assets Require Beneficiary Changes
➢ Transfer Letter Preparation
➢ Specialized Form Preparation
➢ Beneficiary Change Form Preparation
➢ Follow up Review of Change Confirmations
➢ When Necessary, Participation in Conference Calls to Financial Companies to Obtain Information or Specialized Forms