(727) 776-9248 Pre-Qualified Referrals for Estate Planning Attorneys

What Documents are needed for a Revocable Trust

What documents are needed for a revocable trust

The trustee transfers assets into a trust when the grantor of the trust is alive. Trustees must have several documents at hand before they can start transferring assets into the trust, including an original trust instrument, their tax identification numbers, and evidence of ownership.

For the necessary documentation, make sure to follow these guidelines before starting the asset transfer.

Trust instrument certified copy:

Most of the time, this is just a photocopy of the instrument bearing the words, “A True Copy”. On the front page, type “Attested by” and sign with the trustee’s original signature. There may be more than one certified copy, but all must be signed on the front page.

A number of Federal Taxpayer Identification:

In order to open any accounts or transfer any assets, you need a Federal Taxpayer Identification Number if you have not already applied for one. During the grantor’s lifetime, you may use the grantor’s Social Security number if the trust is a revocable living trust.

Ownership proof:

Prior to transferring property, you must provide documentation detailing the grantor’s ownership.

A new registration form, signature card, or other legal documents may also be needed depending on the property you are transferring. You’ll receive the necessary forms from the company where you’re transferring the property.

Organize your paperwork:

One of the most important tasks in preparing to distribute your estate is to organize your paperwork. In this document, you will list all the assets you are gifting or selling. You should also take into consideration the purpose of each asset and its current value.

This is critical in case any of your assets are acquired by another party and you wish to change the value of your will before giving it to your executor. You should also list any cash payments you are making toward the settlement of your estates, such as advances from a paycheck or advance payments from a new line of credit.

Prepare the trust documents:

Preparing trust documents is an important step before you create a revocable trust. It helps to protect the assets of the estate and puts the power in the hands of a third party if you have a condition that affects how you want your property treated.

For example, if you have a lifetime care insurance policy that extends to your family members, creating a revocable trust for them can help ensure they get payments even if you die before your assets are transferred to the trust. It’s also a good idea to let family members know whether you want certain types of items, such as valuable art objects or cash.

There are several steps to preparing the trust documents for revocable trust. You can begin by contacting an estate planning professional to help you create a basic trust form. You can also find online resources to help you prepare your documents.

The purpose of these documents is to help your beneficiaries continue what you started when you died and dissolve any other trusts created as part of your estate.