Once you sign a living trust document, you will have a valid living trust. The trust needs to include information about transferring personal property. Failing to transfer property into the trustee’s happens all too often. When this occurs, the trust document will not have effect on what will happen with your property when you pass away. Without a will, property tends to go to your closest living relatives, but it could be tied up in probate for years.
If an item does not have an official title, you will need to fill out a document known as Assignment of Property. The Assignment of Personal Property will list every item of trust property you have that doesn’t have an official title. Some of the items that you will need to list include:
- Electronic equipment
Contact our office in Ogden, UT to draft an Assignment of Personal Property as part of your estate and will planning.