How to Transfer Property Into a Trust in Arizona

Woman signing documents and learning how to transfer property into a trust in Arizona.

Wondering how to transfer property into a trust in Arizona? It’s important to take the time to understand the process and do it right. Here is a step-by-step guide on how to transfer common types of assets to your trust. If this article doesn’t answer your question, just give us a call and we’ll help.

Transferring Tangible Personal.

Transferring tangible personal property, such as furniture and jewelry, is a bit different than transferring real estate. There are different methods of transferring your belongings to your trust.

Method #1:

You can ensure that the information about your tangible property is properly listed in the trust document. You will provide this information during the document review with your attorney. The difficulty with this is that as you dispose of or replace items, you have to update your trust each time. That can get tedious.

Methods #2:

Secondly, you can transfer any titles associated with the property into the name of your trust.

Method #3:

The most common way of transferring personal property to a trust is with an “Assignment” form. Your attorney can provide this. (Or call us and we can help.)

Transferring Investment Accounts to Your Trust.

Investment accounts, such as stocks, bonds, or mutual funds, need to be updated with the trustee’s name after forming a trust. If you already have accounts established under your own name, then you can transfer those accounts over to the trust by filling out a Transfer on Death (TOD) form. This will help avoid probate proceedings upon your death. (However, this will not help in the event that you become incapacitated and need someone else to manage your affairs.)

Transferring Business Interests to Your Trust.

If you own a business, transferring your interests to the trust can often be complicated depending on the type of business structure. Depending on the nature of your business, you may have to make changes to governing documents. You may also need to transfer assets such as real estate or vehicles. Generally, it is best to enlist the help of an experienced attorney familiar with Arizona laws to ensure that you meet all legal requirements.

How to Transfer Real Property To Your Trust.

To transfer real property in Arizona, you should sign a Special Warranty Deed . The deed must include the description of the real property to be transferred. Additionally, the document should specify that it is a transfer to a trust and include details regarding the trustee’s powers. Finally, all documents must be filed with the local County Recorder’s office.

In terms of transferring your house to your trust, read our article called  “An In-Depth Guide to Putting Your House in Trust.”

Transferring Bank and Cash Accounts to Your Trust.

All bank, retirement, and long-term savings accounts must be transferred to the trustor’s name as trustee of the trust. This means you will need to contact all these financial institutions to update their records with the new information. You must also provide documents that prove your authority as the trustee. Depending on the institution, you may need a copy of your Living Trust Agreement or certification from a qualified lawyer. Be sure to check with each institution for its specific requirements.

Need Help Transferring Assets to Your Trust?

Give us a call at 602-443-4888. We’re here to help.

 

ABOUT THE AUTHOR

Founding attorney Paul Deloughery has been an attorney since 1998, became a Certified Family Wealth Advisor. He is also the founder of Sudden Wealth Protection Law.

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