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How to Put a Property Back Into Your Trust

Law Offices of Lawrence H.Nemirow PC Aug. 4, 2023

A living trust remains a powerful estate planning tool that you can use to preserve assets and money for beneficiaries and upcoming generations until a future date. However, various major changes in your life, finances, family, or accumulated assets may bring about the need to modify, remove, or add assets to a trust. Likewise, you may want to change ownership of a trust or replace the trustee. 

At the Law Offices of Lawrence H. Nemirow PC, I’m dedicated to offering advocacy and guidance to clients in trust-related matters. As a seasoned California estate planning attorney, I’m available to discuss your unique situation and share how to transfer property into your trust, modify the trust, and change ownership of the trust. 

My firm proudly serves clients across Los Alamitos, Huntington Beach, Santa Ana, Newport Beach, Cerritos, Long Beach, Anaheim, Orange County, and Los Angeles County, California. 

Transferring Property Into a Trust 

A trust can be described as a fiduciary arrangement which allows a person (the settlor, trustor, or grantor) to transfer control and ownership of certain assets into a trust. In addition, the trustor will name a trustee or successor trustee to manage the trust property (the assets placed in the trust) for the benefit of the beneficiaries. 

Creating a Trust 

Here are the steps involved in creating and transferring assets into a trust: 

  • Decide and select the type of trust you want to establish. 

  • Categorize your assets and determine the property you want to transfer into the trust. 

  • Name a trustee or successor trustee. 

  • Identify and name the beneficiaries of the trust assets. 

  • Hire a dependable attorney to assist in creating the trust document. 

  • Sign the trust document in front of a notary public. 

  • Change the title of the trust assets using a title document. 

  • Fund or transfer property and assets into the trust. 

A seasoned California trust attorney can guide you through the legal procedures involved in creating or modifying a trust document and help you navigate crucial decisions. 

Creating an Addendum 

Among the available legal options to update your trust is making changes to the provisions of the trust document using a trust amendment form or revoking and drafting a new one. 

Essentially, a trust amendment form allows you to update your trust or make minor changes in compliance with state laws without revoking the original trust document. 

Using the addendum or trust amendment form, you can make adjustments to trustees, beneficiaries, assets, or any other provisions of the living trust.  

Property Schedules  

Trust documents often have property schedules at the end of the document. The property schedule indicates the property that is owned or held in the trust. This allows you to keep track of each individual asset you want to transfer into the trust.  

Since funding the trust with different assets often takes time, the property schedule will help you monitor your progress until you completely fund the trust. 

Changing Ownership of a Trust 

When you fund or transfer property and assets into the trust, you will be changing the property’s legal ownership from your name to the trust. If you name yourself as the trustee of the living trust, you will still maintain control over the trust property and be able to make use of these assets though the trust property is technically owned by the trust.  

However, it is essential to understand that your Social Security number will remain assigned to all trust property assets. Therefore, ensure that you have a detailed list of all the trust assets you want to transfer. This will help keep track of the progress and prevent you from leaving any asset out. 

An Estate Planning Attorney Working for You 

Creating, modifying, or changing ownership of a trust often involves a lot of complexities and legal paperwork. Therefore, getting proper guidance is crucial to ensure a seamless process and avoid making costly errors. At the Law Offices of Lawrence H. Nemirow PC, I am dedicated to guiding clients through the complex processes involved in establishing, reviewing, and updating their living trusts. 

As your attorney, I can evaluate your personal situation and walk you through the legal process involved in creating a trust or making an addendum. In addition, I can help make the necessary changes and updates to the trust and modify your other estate planning documents. Above all, I will ensure that the new changes reflect and satisfy all applicable state laws and statutory requirements. 

Contact me at the Law Offices of Lawrence H. Nemirow PC today to schedule a one-on-one consultation with a knowledgeable trust lawyer. I can offer you the experienced legal guidance and trusted advocacy you need to make informed decisions when updating your trust. My firm proudly serves clients across Los Alamitos, Huntington Beach, Santa Ana, Newport Beach, Cerritos, Long Beach, Anaheim, Orange County, and Los Angeles County, California.