Many people assume that when it comes to funding a trust, money from a bank account is the only possible source of assets. Today’s blog post serves to dispel that misconception, because there are many different options available to individuals looking to fund their trusts. There are also important procedural steps to keep in mind if you are thinking of starting your own trust, and we will review some of those steps today. As always, with specific questions about how this blog post applies to you, contact an experienced Houston estate planning attorney for tailored legal advice.
Assets Used to Fund a Trust
Before funding your trust, it is important to write a list of all of the assets you might put into the trust. These assets can include: bank accounts, real estate, investment accounts, retirement accounts, stocks, brokerage accounts, and even personal belongings. Your accounting of your assets should be as detailed as possible so that you have a comprehensive understanding of what you could use to fund your trust.
Legal Services
Also before funding the trust, you will also need to create a trust document with the help of an attorney. The trust document should name your trustor, your trust’s purpose, the trust’s beneficiaries, and the instructions for carrying out the intended purpose. This document should be as detailed as possible and should conform with Texas laws.
Documentation
As you prepare to meet with the attorney helping you establish your trust, make sure you have documentation for all of the assets you might use to fund the trust. Bring these documents to you initial meeting so that you can be as efficient as possible about getting your trust up and running.
Remember, for each asset that you use to fund the trust, you will need to update your documentation accordingly. For example, for real property, you will need to update your deed to reflect your named beneficiary. The same goes for financial accounts. For personal belongings, it will be enough to make a list of the items included in the trust along with information about each intended beneficiary.
Do You Have a Houston Estate Planning Attorney You Can Trust?
At McCulloch & Miller, we pride ourselves on our detailed approach to trust planning and administration. Trusts are valuable tools, and our clients tell us time and time again how satisfied they are with our thorough methods that get them through every step of their estate planning journey. If you are looking for a group of experienced, thoughtful Houston estate planning attorneys you can rely on, consider our team at McCulloch & Miller.
If you would like to set up a consultation with one of our Houston estate planning attorneys at McCulloch & Miller, give us a call as soon as possible at 713-936-9073. You can also fill out our online form to tell us about yourself and have a member of our team contact you about your legal needs. We handle matters related to estate planning, probate, trust administration, elder law, special needs planning, public benefits planning, and more.