What Assets Can Be Included in a Trust

Implementing an estate plan ensures that your assets are handled according to your preferences following death, but the distribution of those assets may still be a lengthy process. One way to simplify the process and ensure your assets are released to your beneficiaries quickly and as intended is to place both money and property in a trust. Below, Douglas Lauenstein, a licensed estate planning attorney, addresses what assets can be included in a trust.

Real Estate 

Whether it’s a large estate in the country, a beach-side cottage or multiple investment properties, real estate is one of many people’s largest assets. Putting real estate into a trust can be a good option for transferring real estate quickly and avoiding the hassle of separate probate proceedings.

Financial Accounts

Financial accounts that can be placed in a trust include bond and stock certificates, shareholders’ stock from closely held corporations, non-retirement brokerage and mutual fund accounts, money market accounts, cash, checking and savings accounts, annuities, certificates of deposit, and safe deposit boxes. This often requires retitling the account in the name of the trust or opening new accounts in the name of the trust with the existing funds.

Life Insurance

Life insurance is purchased as extra insurance for your beneficiaries but its payout can be taxed along with the rest of your estate. By placing life insurance in a trust, you may be able to decrease the value of your estate and reduce the estate tax your heirs pay on the life insurance benefits.

Valuable Personal Property

From high-value furniture to jewelry, art, and other collectibles, there are a number of personal property you may want to place in a trust.

Collectible Vehicles

While regular vehicles may not be appreciating assets, there are some vehicles that retain their cash value for long periods of time and may even increase in value. For this reason, it may be worth placing antique cars and other collectibles in a trust.

Contact Douglas Lauenstein Today For Your Estate Planning Needs

Our team of trust experts will work with you to design an estate plan that is both comprehensive and suited to your individual needs. Douglas C. Lauenstein, a Baltimore County estate planning attorney with decades of experience, is here to help you. To learn more about our services and the estate planning process, contact us today.