Temmerman, Cilley & Kohlmann, LLP - Estate Planning

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How Do I Get Funds into a Trust?

When you put assets into a trust, you are "funding" the trust. The trustee will actually own the asset on behalf of the trust once the asset is placed into the trust.

When using deeds and other documentation to transfer funds and property into the trust, the document should specify that the property is going to the trustee in their capacity as a trustee. For example, a deed should read: "John Smith, Trustee of the Sample Trust, dated June 15, 2013," not just "John Smith." The date is the date that is on the trust agreement that initially created the trust.

The actual transfer process will vary by the type of asset and where the asset is being transferred from, i.e., any requirement that a personal bank may have. Your trust and estate attorney can help with this process. It requires communicating with whoever or whatever holds the asset currently, preparing the required documents, submitting these documents to the entity holding the assets, and updating the accompanying trust documents to show that the transfer has occurred.

Your attorney will also verify that the transfer was completed successfully. There may be tax implications that might need to be addressed as well. Your attorney will consider all of these side issues for you.

Incorrectly funding a trust can have serious negative consequences in the future, so discuss your funding options with an attorney. Temmerman, Cilley & Kohlmann, LLP is here to help-call us today atour San Jose office at 408-998-9500 or our Danville office at 408-998-9500 or contact Temmerman, Cilley & Kohlmann, LLP online today to discuss your funding options.

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