Which Assets Should You Put in a Trust Before Death According to a Probate Lawyer?

Assets are an important part of being able to leave behind a legacy, whether you want to give money to charity or help your loved ones with the cost of taking care of you. Putting your assets into a trust before death can help ensure that the money goes where you want it after you die. A probate lawyer can look at all your financial information and help you decide which specific assets you should put into a trust. Here are some examples of which assets you should put in a trust before death.

Real Estate

Real estate is an important part of a person’s financial portfolio, so it is important to ensure that your chosen trust owner gets to keep the home you own if you die. When you put real estate into a trust before death, you can leave the title to the home in the name of the trust instead of leaving it directly to your beneficiary. This means the home will not have to go through probate court if you die. The estate planning attorney in Las Vegas can also help you decide if the home should go through a probate court or not since it is your most asset.

Stocks, Bonds & Mutual Funds

If you have stocks, bonds, or mutual funds, it can make sense to put them in a trust before death. You will want to add a beneficiary or successor trustee to the account before you put it into the trust so that they can take care of it after you die. You will also need to name a successor trustee in case the first one dies before you. Stock, bonds, and mutual funds are sometimes considered joint assets, but they do not necessarily go to the person you want them to after you die. This can cause confusion and trouble with tax issues, so you should consider putting these kinds of accounts into a trust. Your probate attorney can be a big help in this area, so come to them if you need help with this.

Life Insurance

Some life insurance policies are intended to provide a death benefit, while others are meant to help pay for funeral costs. Having your life insurance in a trust account has a few different benefits. First, having the life insurance in a trust account can help protect the person you want it to go to after you die since they will get control of the trust and be able to access money from it. Second, it can help your loved ones get the money faster if you die. Life insurance policies take time to go through probate court and if the policy owner has a trust in place, they can access the money immediately. Third, you may have other beneficiaries of the life insurance policies that you want to put money in a trust for, so putting your life insurance into a probate

Business Interests

If you own part of a business or are doing it alone, it might be best to put your interests into a trust before death. Business interests are often an investment in the future of the business, which means that they can have value regardless of the outcome. If you are doing business independently, like with a freelance career, you should make sure to have a will made out and keep your business interests in a trust before death. A guardianship in Las Vegas can help you ensure that your business interests go in the direction you want them to, so speak with one if you need advice.

Partnership Assets

If you have a partnership where you own a share in the business, it can make sense to name someone as your beneficiary. If you want to leave money in the business after you die, there are benefits to putting your share in a trust before death. Partnerships are often considered joint assets and if you left a share to your spouse, son, or daughter, then there would be a problem with the estate tax laws. You can avoid any issues with taxes on the partnership interest by putting your share in a trust before death.

Bank Accounts

You may want to protect your bank account information before you die. If you have a large amount of money in the bank, it makes sense to put the account into a trust before death. This way, you can help your loved ones get access to the money after you die while protecting it from fraud. There are various financial accounts that you may own, such as savings accounts, money market accounts and even checking accounts. However, it is not advisable to include your active personal account used to pay monthly bills. Your probate lawyer can help you to plan your finances after you pass away.

Safe Deposit Boxes

If you have a safe deposit box that you or your spouse keep at a bank, it can make sense to put the contents into a trust before death. There could be valuable items in the box, such as jewelry and other personal items you want to protect. Keeping the safe deposit box in a trust before death can help protect the box from being lost or damaged and ensure that your personal assets are protected after dying.

Tangible Investment Assets

There are many kinds of tangible assets that you may want to put into a trust before death. If you have a stamp collection, coin collection, art, or other collectibles, it can make sense to put them into a trust before death. This way, you can ensure that your wishes for distributing the assets are followed. A probate lawyer can help you identify what assets are important to you and ensure they go where you want them to after you die.

Retirement Accounts

If you are supposed to receive a large sum of money from your company retirement plan, it can make sense to put it in a trust before death. However, withdrawing the money can incur income tax penalties for the person withdrawing the money and paying the taxes. In this situation, you might designate the trust as the principal or secondary beneficiary of the account, ensuring that the money would go to the trust in the event of your passing.

While it might seem like a lot of work and can be complicated, having trust in place before death can help you and your family settle any issues that might arise after your passing. Choosing a revocable living trust is one of the best decisions you can make because it is flexible and allows you to change it as you like. This means that you are the one setting up the terms, conditions, and provisions of the trust. Just make sure you hire a highly qualified probate lawyer in Las Vegas to help you with the process.