How do I properly set up a trust and transfer bank accounts and real estate into it for privacy and safety?

Estate Planning

Barrister

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To transfer a checking or other bank account, you would have to go to the bank with a copy of the trust and then the bank employees can retitle the bank account into the name of the trust. A trust can't own a 401K, but it can be the beneficiary of one if you change the beneficiary designation with the plan administrator.

And if you are talking about real estate being transferred into the trust then that means the deed to the real estate would have to list the trust as the Grantee when it is transferred from the Grantor to the Grantee.

And yes, that is correct because an IRA is an individual retirement account so it has to be owned by an individual, not a trust.

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How to transfer assets to trust

Lexi, Chatbot

I understand that transferring assets to a trust can be a complex process. What type of assets are you looking to transfer?

Bank account

Lexi, Chatbot

Have you already established a trust, or are you in the process of creating one?

Creating one

Barrister

Hello and welcome to the site! My name is Barrister and I am a licensed attorney and I am here to help with your situation. I know your question is important, but there may be a short delay in my responses as I type out an answer or reply as I am typically working with several customers at once on the website. I have read your post and I am sorry to hear you are having to deal with this situation as I realize it can be frustrating and confusing.

I am forming a trust due to a stalking situation to purchase a house without my name on the title.

Barrister

What assets are you planning on transferring into a trust?

We have assigned the trust the address of my in-laws, where my husband still receives mail occasionally, as we are about to move. I am planning on transferring a checking account into the trust to start and the house in 2 weeks on purchase, as well as a 401k after we complete purchase of the house.

I am having my realtor manage the house being purchased by the trust, but want to ensure the trust is valid prior to that. I plan to transfer assets into the trust's name tomorrow morning. I have written up the forms using eForms and plan to have these notarized at an appointment with a notary tomorrow morning, after which my understanding is that I can transfer the bank account into the trust's name. Does this all sound correct?

That's fair having the trust be beneficiary. I assume this is similar with Roth IRAs?

Barrister

And yes, that is correct because an IRA is an individual retirement account so it has to be owned by an individual, not a trust.

I haven't bought the house. The house bill of sale and mortgage are being amended to reflect the trust as the buyer. We close on the house December 22nd just prior to Christmas.

Barrister

Ok, then the deed should list the trust's name as the Grantee

Perfect. Exactly what I would like.

When I have completed the real estate purchase, which will give the trust significant assets, is it then advisable to file the trust with the local county court?

Barrister

Not unless you want it to be public... And confidentiality is one of the primary reasons people set up trusts.

That's valuable information, thank you.

Barrister

You are very welcome. Did you have any other questions about this situation I can help with?

No, that's all thank you!

Barrister

You are very welcome. Glad I could help. It was my pleasure to work with you and help with your question. Have a great afternoon and be safe!
— Barrister

Barrister

65,716 satisfied customers

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