People in New York often rely on trusts for the flexibility and control they provide during the estate planning process. In addition to the detailed vision for the future of a person’s assets that trusts provide, they also enable people and their loved ones to avoid the complications and costs associated with the probate process. However, in order for people to make sure their plans are fully effective, it is important to ensure that the trusts they create are funded with all of the property that they want to include in the vehicle.
For example, real estate is often transferred to a trust. In order to transfer a real property to the trust, the property must be re-deeded and title transferred to the trust. The owner will now hold title to the property as the trustee of his or her revocable trust, and the new deed must be recorded. After recording the new deed, it can be important for homeowners to notify their insurance providers as well as check in about the necessity of re-filing for any relevant tax exemptions.
Other types of property that should be included must also be officially transferred to the trust. For property like cars, this will also mean transferring the title to the car to the trust. However, for personal items without official documentation, writing out a bill of sale can be done to document the assignation of the property to the trust. Investment funds, bank accounts and others will need to be transferred into the trust by providing a copy of the certificate of trust.
An estate planning attorney might be able to work with their clients to create the trusts and other documents that reflect an estate plan. In addition, the lawyer may help to ensure that trusts are adequately funded by re-deeding real estate, working to transfer title to vehicles and providing documentation for other property.