Actions to be taken for Transferring
Assets to a Revocable Living
Trust
© by Tax & Business Professionals
Type of Assets and What to do
Bank and Savings Accounts
See bank officer and have account titled: ["William W. Whitewater, Trustee of the William W. Whitewater Revocable Living Trust of
January 4, 1999."]
Real Estate
Have new deeds prepared transferring property from present owners to: ["William W. Whitewater, Trustee of the William W. Whitewater Revocable Living Trust of
January 4, 1999."]
Stock
Publicly traded:
Have present stock certificates changed by stock broker to the Trustee name as indicated above. (Note:
There should be "no charge" for this pursuant to our understanding of the NYSE rules.)
Stock of closely-held corporations:
Stock certificates should be changed on the books of the corporation. This is normally done by the
officers of the corporation or the attorney for the corporation.
Insurance Policies
Check with your insurance representative. Often, the best way to change the policy beneficiary is to
designate the Successor Trustee(s) as follows: ["John W. Whitewater and Mary L. Whitewater, Successor Trustees of the "William W. Whitewater Revocable Living Trust of
January 4, 1999."]
Partnership Interests
Partnership interests may be changed as follows: ["William W. Whitewater, Trustee of the William W. Whitewater Revocable Living Trust of
January 4, 1999."]
Other Assets
If there is some "thing" or document which shows ownership, that "thing" or document can be changed
to transfer the asset to the trust.
If there is a trust for each spouse, then assets transferred to the respective trusts should be titled
accordingly as trusts holding interests as tenants in common.
Normally, it is to the benefit of the creator of the trust and the beneficiaries to have the assets
transferred to the trust during the creator's life, because this normally reduces Federal and State taxes, probate
expenses and ensures availability of the assets at the time of the death of the creator.
This document is provided solely for purpose of illustrating the topics discussed in the accompanying "Plain English Explanation of Revocable Trusts and Pour-over Wills." It is not designed or intended for use as a drafting form or model document. Any such use, without the assistance of a practicing attorney, is expressly prohibited.
© by D. Alden (Dan) Newland
Published jointly by The Tax & Business Professionals, Inc. and the law firm of Newland & Associates as a service to their clients.
If you are a tax professional and would like more information about the subjects covered in this newsletter or any other tax and business matter, please call the Tax & Business Professionals, Inc. at (800)-553-6613, e-mail us at
, or visit our web site at http://www.tax-business.com.
For a full range of business law and tax-related services, call the law firm of Newland & Associates at (703) 330-0000.
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While designed to be accurate, this publication is not intended to constitute the rendering of legal, accounting, or other professional services or to serve as a substitute for such services.
Redistribution or other commercial use of the material contained in Tax & Business Insights is expressly prohibited without the written permission of Tax and Business Professionals, Inc.
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