How does one transfer Assets to a Trust?
Depending on the particular assets to be transferred, this can be done in one of the following ways: 1. Funds can be sent by wire transfers, cashier’s checks, postal money orders, or can be delivered in cash personally, which is not necessarilty advisable. 2. Securities, Stocks, Bonds, etc. can be transferred with a phone call to your broker. 3. Personal Property can be transferred by a bill of sale. 4. Automobiles can be transferred by adding the name of your trust to the title through the Department of Motor Vehicles’ registration. In order to avoid the transfer tax, once you receive your title, you should go back and remove your name. This may vary from state to state. 5. Real Estate is normally conveyed as a “quit claim” deed. This removes you as the owner, but you are still obligated to pay the note or taxes, but this can be paid by the Trustee. In most cases, it is recommended that assets such as your home be maintained in your name while there is an outstanding debt so that you
Related Questions
- How easy is opening an account at Trust Company of Vermont? Can I transfer assets to the Trust Company of Vermont without incurring fees or taxes?
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- Why did I receive a Form 5498-ESA for the transfer of assets into my Principal Trust Company Coverdell ESA?
