What documents are required to transfer designated property into a Client’s inter vivos trust?

Question

like securities; real property; vehicle
I'm doing a paper and live in minnesota; just wondering if there are specific papers thanks

Answer 1

A living revocable trust is an entity like a person or corporation, and so the forms necessary to transfer property are pretty much the same for everyone else. Once you have drafted a trust through an attorney or (gulp) on your own without any assistance, there will be a designated trustee.

When you fill out mutual fund forms, in the name section goes: "John Doe living trust" FBO: John and Mary Doe Joint Tenants with Rights of Survivorship (or however you want to set it up), and then in another section the trustee is named such as "John Doe". This is the person authorized to make changes on the account, although technically, by law, the property cannot be transfered to another without the consent of all beneficiaries. The tax ID number is either one or all the beneficiary's SSN numbers, but in some cases, you can apply and receive an EIN, or special tax number to the trust itself (recommended for large trusts that also work as philanthropic endowments).

The same is true for aticles that have deeds. These are transfered not to a person, but to a trust. Sometimes the deed will be held at a trust company, other times, the trustee will hold onto it.

Trusts can be kinda complicated, there are many different kinds. Because individual trusts will work different ways as intended by their creators, there are few particular forms. At a mutual fund, for instance, the application for new account is the same for everybody, except corporations. This is for simplicity's sake. It's better to leave complicated instruments to their trustees'

Answer 2

The documents would be the same as those required to transfer the property to anyone else. For real property, it would be a deed. For a vehicle, it would be a title. For securities held in a brokerage account, it may be a simple as changing the name on the account. In an case, the attorney that creates the trust should know how to transfer the property. If they don't, I would recommend a different attorney.

Answer 3

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