What property goes into a living trust?

Unlike a testamentary trust, which is set up in a will and takes effect after someone’s death, a living trust is established and funded during one’s lifetime. A revocable trust can also be utilized to avoid probate, if that is a priority for you.

Typically, a revocable living trust involves three parties: the grantor, the trustee(s), and the beneficiaries. It is a good idea to include your most valuable property in a living trust. Some of these assets may include your:

• House
• Stocks, bonds, and mutual funds
• Jewelry
• Antiques
• Brokerage accounts
• Business interests

For real estate that is jointly owned, it is important to remember that you do not need to transfer it into a trust to have the property pass outside of probate because the property will go directly to the co-owner if you die by operation of law.