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  • Jim Schroeder


SECURE THE PLAN. Have a plan as to where these documents will be safely kept. Let your beneficiary know where to find the originals. If your plan includes a Memorandum of Trust, you can share copies with agents, brokers, bankers, etc. FUND THE TRUST. If you have a Trust but do not change titles and designate the trust as a beneficiary, you have an empty shell that protects nothing. Change Titles. Bring any deeds you wish to have transferred to be controlled by the trust. We will prepare and record these for you. Designate Beneficiaries. You can designate the Trust as the beneficiary of these assets for investments, insurance policies, business interests, notes, or mortgages payable to you. Please speak with your financial advisor regarding whether it is your best strategy to designate the Trust as the beneficiary of an IRA; you may be better off naming a spouse or a child as the beneficiary and allowing these assets to grow tax-free, longer. We can help you with transferring these interests if you wish, but clients generally can handle these transactions themselves or with the assistance of their financial advisor/broker. Transferring Other Assets. Many other assets can be transferred into the Trust. Here are a few:

• Aircraft, Automobile or Boat • Annuity or Brokerage Account • Stock or Business Interests • Livestock or Mineral Rights • Patent, Copyright or Trademark • Checking or Savings Account • IRA and Retirement Plans • Royalties • Timeshares • Baseball Cards or Collectibles • Life Insurance Policies • RV or Mobile Home

INFORM OTHERS. Provide your CPA with a copy of the Trust. Inform property insurance carriers of the change of ownership. Make sure tax bills are coming to the address you prefer.

REVIEW THE PLAN. You should have us review the plan every five years or if a major life event occurs, such as:

• Marriage or Divorce

• Birth or adoption of a child

• Death of a beneficiary

• Death of your trustee or successor trustee

• Change of which property is part of the Trust

• Change of your name

• Acquisition of a new property that you want to add to the Trust

• For Revocable Trusts, change the beneficiary, remove assets, change trustees

• Change of residence to another state where the inheritance laws are different

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