TRANSFERRING YOUR ASSETS INTO YOUR TRUST
A Revocable Living Trust makes death much easier since assets avoid probate.
A Revocable Living Trust makes death much easier since assets avoid probate. This avoidance of probate does not happen magically. There is some work that you need to do.
All of your different assets, like bank accounts, real estate, life insurance, 401Ks, etc., need to be linked to the Revocable Living Trust. This is a bit time consuming, but not hard to do. Here’s what you do.
You go to the bank and ask that your accounts be put into the Revocable Living Trust. This means that the name of the Revocable Living Trust gets put onto the bank accounts. This does not change how you use your bank accounts.
Then, you get a beneficiary form for your 401K, IRAs and life insurance, and name the Trust as a beneficiary. If you are married, the Trust is usually the secondary beneficiary. If you are single, the Trust is usually the primary beneficiary.