If you have a revocable trust

[Anonymous]

How many of your assets/ bank accounts/ other financial accounts are titled in the name of the trust vs your name? we just created trusts and trying to figure out the best way to go about changing titles, etc.
Thanks.

[Anonymous]

Only a few. Just the ones we opened after we set up the trust. We should move more stuff.

[Anonymous]

Everything should be in the trust, otherwise what's the point?

[Anonymous]

Anonymous wrote:Everything should be in the trust, otherwise what's the point?

Per our will, everything will go to trust. Trust states when kids can get assets.

[Anonymous]

Everything should be in the trust. If you aren't going to retitle everything, the trust is pointless.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Everything should be in the trust, otherwise what's the point?

Per our will, everything will go to trust. Trust states when kids can get assets.

That is not a revocable inter vivos trust.

As noted, there's little point in doing one of those if you don't title your assets in the trust's name.

[Anonymous]

Anonymous wrote:Everything should be in the trust. If you aren't going to retitle everything, the trust is pointless.

Do you even have your everyday checking acct in the trust?

[Anonymous]

Just note: AFTER you refinance, then put into trust.

[Anonymous]

We didn't bother doing a revocable trust-- and since we refinanced probably 6 times in the last 10 years I am glad we didn't.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Everything should be in the trust. If you aren't going to retitle everything, the trust is pointless.

Do you even have your everyday checking acct in the trust?

This illustrates how people are often clueless about what they're doing or need to do re: these trusts and why they are not always a good idea. They take work to set up and monitor (new accounts or significant new purchases like homes, cars, etc., may have to be titled in the trust's name, for example).

It's simple: any asset not in the trust is in your estate. You can leave your checking account out of the trust if you want, but the point is, if it's not in the trust, it's part of your estate. This is not legal advice and IMO you ought to get some before making a move like a revocable inter vivos trust.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Everything should be in the trust. If you aren't going to retitle everything, the trust is pointless.

Do you even have your everyday checking acct in the trust?

This illustrates how people are often clueless about what they're doing or need to do re: these trusts and why they are not always a good idea. They take work to set up and monitor (new accounts or significant new purchases like homes, cars, etc., may have to be titled in the trust's name, for example).

It's simple: any asset not in the trust is in your estate. You can leave your checking account out of the trust if you want, but the point is, if it's not in the trust, it's part of your estate. This is not legal advice and IMO you ought to get some before making a move like a revocable inter vivos trust.

Most of the times, the trust also say that what ever in your estate gets transferred into the trust at your death...so it doesn't matter if you don't transfer those assets into the trust while you're alive...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Everything should be in the trust. If you aren't going to retitle everything, the trust is pointless.

Do you even have your everyday checking acct in the trust?

This illustrates how people are often clueless about what they're doing or need to do re: these trusts and why they are not always a good idea. They take work to set up and monitor (new accounts or significant new purchases like homes, cars, etc., may have to be titled in the trust's name, for example).

It's simple: any asset not in the trust is in your estate. You can leave your checking account out of the trust if you want, but the point is, if it's not in the trust, it's part of your estate. This is not legal advice and IMO you ought to get some before making a move like a revocable inter vivos trust.

Most of the times, the trust also say that what ever in your estate gets transferred into the trust at your death...so it doesn't matter if you don't transfer those assets into the trust while you're alive...

It matters in terms of valuing your estate for tax purposes (to the extent that's relevant), and in having assets pass outside of the probate process.

What's in the trust when you die is not part of your estate.

What's not in the trust and goes into it after you die IS part of your estate. A major reason people do these trusts is to avoid probate so I'm not sure I see the point in keeping much of your assets out of the trust while you're alive and leaving them in your estate.

[Anonymous]

Anonymous wrote:We didn't bother doing a revocable trust-- and since we refinanced probably 6 times in the last 10 years I am glad we didn't.

Refinancing with a trust only required you to provide the underwriters with a copy of such trust. It is not a big deal, just another set of papers to pull together.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Everything should be in the trust. If you aren't going to retitle everything, the trust is pointless.

Do you even have your everyday checking acct in the trust?

This illustrates how people are often clueless about what they're doing or need to do re: these trusts and why they are not always a good idea. They take work to set up and monitor (new accounts or significant new purchases like homes, cars, etc., may have to be titled in the trust's name, for example).

It's simple: any asset not in the trust is in your estate. You can leave your checking account out of the trust if you want, but the point is, if it's not in the trust, it's part of your estate. This is not legal advice and IMO you ought to get some before making a move like a revocable inter vivos trust.

Most of the times, the trust also say that what ever in your estate gets transferred into the trust at your death...so it doesn't matter if you don't transfer those assets into the trust while you're alive...

It matters in terms of valuing your estate for tax purposes (to the extent that's relevant), and in having assets pass outside of the probate process.

What's in the trust when you die is not part of your estate.

What's not in the trust and goes into it after you die IS part of your estate. A major reason people do these trusts is to avoid probate so I'm not sure I see the point in keeping much of your assets out of the trust while you're alive and leaving them in your estate.

don't take legal advice on the internet-- you never know who might really be a dog.

a revocable trust is irrelevant for estate tax purposes. it does help you avoid probate, but so do beneficiary designations on bank accounts, IRAs etc.

[Anonymous]

Properties, businesses, investments, brokerage accounts, savings accounts, corporations, llcs, partnership interests but not our every day checking accounts