The trust, obviously, must contain some assets, and the assets included in it must be titled in the names of the trustees. As an example, assets would be titled as “Steve A. Sample and Sherry B. Sample, Trustees of the Steve A. Sample and Sherry B. Sample Trust, dated January 9, 2000.”
Real property needs to have a deed recorded in the name of the trust. This does not trigger a reassessment of the property’s value. Bonds and stock certificates must be re-registered in the name of the trust and mailed to transfer agents. Any limited partnerships contained in the trust need to be contacted so that the title for those assets can be changed as well. Accounts in banks, savings and loans and credit unions must be changed if they’re included in the trust agreement, and stock brokerage accounts must be transferred and placed in the names of the trustees. Failure to include such assets in your living trust can subject them to the probate process upon the death of their owner.
The trust should be named as beneficiary of life insurance policies so that the proceeds will be made payable to it and not the grantor(s) individually. Profit sharing plans, IRA accounts and 401k plans, because of their special income tax features, should also name the trust as the beneficiary.
The husband and wife together can withdraw as much as they wish from the trust. The list of assets contained in the trust does not need to be updated if any interest of dividends, or even any funds, are taken out of a trust itself or any bank, savings and loan or credit union account it contains.