Updating Trust Assets and Trust Documents

To make changes to your trust assets, including adding or deleting accounts or real property, use the attached Schedule of Trust Assets – Supplement. Copies of this form are located in the Schedule of Trust Assets section of your trust binder.

Real Estate: When acquiring new real estate or a timeshare, it’s highly recommended to transfer the property into your Living Trust immediately upon purchase. This ensures that the property is integrated into your estate plan, offering benefits like avoiding probate and facilitating more efficient asset management. To streamline this process:

• Direct Transfer: Make sure the sellers transfer the property directly into your Living Trust. This helps in seamlessly incorporating the property into your estate plan. (The title will require a copy of your living trust.)
• Fee: Once your trust is established and a piece of property is purchased outside of the trust, BCN will prepare a grant deed (subject to state laws) for $50 plus county recording fees.

Beneficiary-Driven Accounts:

• Life Insurance • Annuities • IRA or Roth IRA     • SEP IRA
• 401(k), 401(a), 457, and 403(b)

Single Account Holders:

• Primary Beneficiary: Whether to designate your Living Trust or adult beneficiaries as the primary beneficiary will depend on the terms of your trust and plan of distribution.

Married Account Holders:

• Primary Beneficiary: Name your spouse as the primary beneficiary.
• Contingent Beneficiary: Whether to designate your Living Trust or adult beneficiaries as the contingent beneficiary will depend on the terms of your trust and plan of distribution.

Important Considerations:

Joint Accounts with Children or 529 Accounts: These cannot be titled in the name of your Living Trust.

Vehicles: Vehicles are not titled in the name of your Living Trust unless they are valued at $166,250.00 or more (as of 07/2024).

Refinancing: After refinancing make sure the property is still recorded in the name of your trust.

Cash & Securities Accounts: It is recommended that after-tax accounts be titled in the name of your Living Trust at the time of account opening. This includes:

• Brokerage Accounts • Mutual Funds
• Savings Accounts • Credit Union Accounts

Typically, you will need to provide the financial institution with a copy of your Certification of Trust and, in some cases, have both trustees present.

Updating your Trust Documents: Once your trust is established, it may be necessary to amend or restate your trust documents as circumstances change. Please note this is separate from updating your trust assets and may involve changes to the following:

• Trust Declaration
• Trust Certification
• Pour Over Will
• Durable Power of Attorney – Property Management
• Durable Power of Attorney – Healthcare Directive

Trust Amendments or Restatements:

• No charge for life-changing events. Life-changing events include the death of a settlor, trustee, or beneficiary, and the birth of a child. However, full trust fees apply for a new trust in the event of marriage or divorce.

• No charge for updates to trust funding (except for real property acquired after your trust is established). When title is not taken in the name of a trust already established, BCN will prepare a grant deed (subject to state laws) for $50 plus county recording fees. There is no charge for updates to your schedule of assets.

• A fee of $150.00 will be charged for document updates (whether amendment or restatement) not involving a life-changing event. A fee of $300.00 will be charged if additional changes are requested within 24 months.