We’ve covered in previous blogs the importance of setting up the right trust and in funding it effectively, but when it comes to transferring assets into a living trust you might need the support of an outside professional to ensure that it’s done properly.
You are formally changing the legal ownership of any assets from your own name to that of the trust when you move it into a living trust. 
Most people establish themselves as the trustee of a living trust so that you still are able to use and control your assets. However, they are technically owned by the trust and not by you. You’ll want to have a complete list of all of the assets so that you are sure you don’t leave anything out.
One of the biggest assets you can transfer into a living trust is a home which can be accomplished with a deed to transfer ownership to the trust. A deed transfer should not impact your mortgage, but you might need to update your homeowner’s insurance to indicate that the trust is now the owner of the property.
When it comes to transferring financial assets to a trust you will likely need to complete a form directly with the financial institution. Transferring vehicles means that you need to start by thinking about whether or not your state will allow a trust to hold ownership of a vehicle and by contacting your insurance company to ask this question as well.
For transferring personal property into a trust, you will need to name them on a property schedule inside your specific trust document. For more questions, set up a time to speak with an experienced and trusted estate planning lawyer in Pasadena.
