Trusts can be a popular vehicle for people in Florida looking to plan for the future and direct the use of their assets. By setting up trusts, people can benefit from avoiding probate and set up clear plans for the disbursement of their funds. However, creating the trust itself is only the first step for people to take when they want to take this route as part of their estate plans. Funding the trust is essential in order for it to operate properly.
For example, a trust that will include real estate requires the property to be re-deeded to transfer the title of the real estate from the owner to the trust. The owner will now hold title to his or her property as a trustee of his or her revocable trust. Once this deed is properly recorded, the trust will be funded with this real estate. Once this is done, it can be important to check in with the county as it may be necessary to re-file for tax exemptions under the new ownership structure. It can also be important to report the change to the insurer that provides a homeowner’s policy.
However, personal property, securities and bank accounts will also need to have the title transferred if they are to be included in the trust. In some cases, a bill of sale can be issued to document that the owner is re-assigning the property to the trust. This can be used for types of property that do not have a title recording ownership.
An estate planning attorney can help people to plan for the future by creating trusts and other estate documents like wills and powers of attorney. In addition, a lawyer may be able to assist their client in transferring title to a property to fully fund the trust.