You carry out the transfers
A trust controls only the assets that are actually transferred into it. Signing the trust documents does not move anything. Funding is done by you, working with each bank, brokerage, county office or company that holds an asset.
Not every asset should be moved, and the right method depends on the asset, the institution and your state. The guidance below is general education, not instructions for your specific property.
Bank and brokerage accounts
- Ask the institution for its process — most have their own forms.
- Options usually include retitling the account to the trust or naming the trust as a payable-on-death or transfer-on-death beneficiary.
- Expect to show the trust document or a certification of trust.
Real estate
- Transferring real estate usually means signing a new deed and recording it with the county.
- Deed forms, transfer taxes and recording rules vary by state and county.
- Check with your mortgage lender and insurer. Consider a professional for deed preparation.
Business interests
- Read your operating or shareholder agreement for transfer rules first.
- Transfers are usually documented with a written assignment and updated company records.
- Other owners may need to consent.
Retirement accounts and life insurance
- Retirement accounts such as IRAs and 401(k)s generally should not be retitled into a trust.
- Beneficiary designations on these accounts have tax consequences — get advice before changing them.
- Do not change every beneficiary designation by default.
Other property
Vehicles, personal belongings and other property each have their own rules, which vary by state. A general assignment document is sometimes used for personal property.
Keep a record
List each asset, how it was transferred and when. The planned online service will include a funding checklist that lets you track this. Personalized deed preparation or transfer advice is not part of this general guidance.