What Assets Should I Include in My Trust?

You’ve created your living trust, and now it’s time to start thinking about what you should put in it. Even though it may seem like a good idea to put everything in it to be safe, it’s actually better to be more selective. What Assets Should I Include in My Trust?

Which Items Should You Include in Your Trust?

According to The Balance, the following items should be included in your trust:

1. Liquid Accounts 

Liquid accounts include any savings and checking accounts that you have at a bank or credit union.

2. Traditional Investments

Make sure to include any assets that you own through a regular brokerage account,  but do not include those that are held in your retirement portfolios. If you own shares outside of the account in your personal name, the title should be changed to the trust. 

3. Real Estate

Adding your home to your trust can save your beneficiaries from having to deal with all the probate costs. If the house has a mortgage, you will want to make sure that you check with the lender to determine whether their approval or consent is required to transfer the property.

4. Personal Property 

There’s no title for most of the assets in your home, which is why you may decide to leave them out of your trust. However, depending on what it is, you may want to include certain personal assets in your trust. 

5. Business Ownership

If you have full or partial ownership of a business, you may want to consider allocating that to your trust if it makes sense.

6. Intellectual Property

 Any patents, published works, and trademarks should be added to your trust.

7. Money You’re Owed

If a debt is owed to you, you will want to make sure to add this to your trust.

8. Safe Deposit Boxes

The main reason why you would want to put your safe deposit box in your trust is to ensure that your trustee can obtain access to it without any issues.

Related Article: What Are the Benefits of Having a Trust?

Have more questions regarding final accounting?

Marcia L. Campbell, CPA is committed to helping each client plan for the personal and financial decisions that need to be made for the future. Marcia’s team has a genuine interest in your well-being and a well-established list of services to help guide you through this process.

If you need help, please contact us by filling out our Contact Form or by giving our office a call at +1(951)686-3608. 

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