Transferring Financial Accounts to Your Living Trust
By Q. Bryce Randle - Mar 21, 2021
In a previous article, we wrote about the importance of retitling your assets into your living trust. This article will do a deeper dive on how to transfer financial accounts into your living trust. Remember that once you finish your estate plan with LivingTrustify, we don’t leave you hanging! We provide this and more detailed information on a personalized checklist for you.
First off, your retirement accounts (IRA, 401k, 403b, etc…) do not go into your living trust, they stay in your name. Your other financial accounts should be transferred to your trust though. To do this, you will need to contact the bank or brokerage firm and ask them to transfer your account to the name of your living trust.
Every institution has a slightly different process, but it is almost always very straightforward. The bank will probably want to see a copy of your living trust and sometimes they will have you fill out a “certification of trust,” which is a fill in the blank and check the box form that asks basic questions about your living trust.
Funding your living trust can be a little difficult and time consuming, but it is an essential step in making sure your estate avoids probate. You’ve already spent the time and money to set up your living trust, so make sure it actually works to avoid probate! Our team at LivingTrustify is here to help you every step of the way.
