What is the prupose of placing assets in the name of my Trust?
Let us say, for example, you currently have $150,000.00 in a checking and savings account at a bank and own your own home. If you died and the Executor of your Will went to the bank to get the money and called a Realtor to sell the home, both the bank and the Realtor would tell your Executor to come back and see them after the court has provided you with court documents, giving you permission to get the money and sell the home. Instead, your bank account and your home are held in the name of your Trust. Your Successor Trustee (person named to settle your estate at your death), would go to the bank and call up the realtor and with your death certificate, the original trust document and their identification, the money would be turned over to them and the Realtor would list the property for sale. This is all because the Trust document gives them the legal right to do so – they do not have to apply for and wait for a court order.
