What kind of assets do most people put in an irrevocable living trust?
What kind of assets do most people put in an irrevocable living trust?
One of the most common types of assets to put in a living trust is your residence. This is a good choice because your beneficiaries can continue to live in the home. You can also make provisions for favorable income tax treatment if the home is sold.
Investment assets can also be put in a living trust. But you must make sure that the investments are reissued in the trustee's name. An estate planning attorney or financial advisor can help you with this step. Other assets you can put into a trust include tangible personal property. These include items like furniture, books, personal computers, antiques, firearms, motor vehicles, boats, pets, and livestock.
If you are planning to put your assets into an irrevocable living trust, you will want to make sure you understand what each beneficiary is responsible for. You will be required to sign a document that says who the trustee is and how the trust is run. If you make a mistake, your beneficiaries might not receive the funds. In addition, your beneficiaries may change over time.
Another common asset people put in an irrevocable living trust is their home. They want to make sure that the house is protected from creditors, but don't want to give up control over the sale of the property. However, this is not an absolute requirement. You can still sell the house if you want.
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West Jordan UT 84088
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