To “fund” your revocable living trust means to put assets into the trust. When you have a trust, it is important to know what assets to put into the trust, and what assets to leave out of the trust. It is also important to know how to put assets into the trust. If your trust is not properly funded, there may have to be a probate when you die.

Simply listing assets on the trust does not put the assets into the trust, except, sometimes, for tangible personal property such as household goods. Each kind of asset has to be transferred to the trust in a certain way. If I had created a revocable living trust on April 15, 2003, with myself as trustee, I would transfer assets from myself as an individual to “Sanford K. Okura, Trustee of the Sanford K. Okura Trust Dated April 15, 2003.” Look carefully to see what the name of your trust is, and use the correct name when transferring assets to the trust. The following is a list of different kinds of assets and how to transfer each kind of asset to the trust.

STOCKS AND BONDS. If you have an account with a stock broker, contact the broker to change the name of the account to yourself as Trustee of your trust. For U.S. Savings Bonds, any bank where savings bonds are purchased can provide a transfer request form (Form 1851) which must be filled out and sent to the U.S. Treasury together with the original bonds (certified mail, return receipt requested, is recommended).

SAVINGS AND CHECKING ACCOUNTS. For savings accounts and time certificates (CDs), contact the bank or credit union and have them change the name on the account to yourself as Trustee. When you change the name on the account to yourself as Trustee, some financial institutions charge a penalty for early redemption. If so, you may want to wait until there will be no penalty before making the change. If you are married, I recommend that the checking account with which you pay bills be kept as a joint account with your spouse rather than transferring it to the Trust.

SAFE DEPOSIT BOX. If you are not married, change the owner of the safe deposit box to you as Trustee. If you are married, make the owner both you as Trustee of your trust and your spouse as trustee of your spouse’s trust. If the bank will not let you do that, keep the safe deposit box in the individual names of you and your spouse, but add at least one other name as owner.

AUTOMOBILES. An automobile does not have to be transferred to the Trust. As long as there is no probate when you die, title to an automobile can be transferred after death by having the successor sign an affidavit at the Department of Motor Vehicles.

LIFE INSURANCE. If you do not give ownership of your life insurance policies to the beneficiary or to an Irrevocable Trust, then you should own them. Contact your insurance company to request a change of beneficiary form for each policy. The beneficiary on my life insurance would be “THE ACTING TRUSTEE OF THE SANFORD K. OKURA TRUST DATED APRIL 15, 2003.”

REAL ESTATE. An attorney should prepare a conveyance document (Deed, Assignment of Lease, etc.) to transfer the property to the trust and then record the document at the Bureau of Conveyances. If you are not the sole Trustee of your Trust or if the name of your Trust does not contain your name, contact the County Real Property Tax Office to make sure they will not cancel your homeowner’s exemption. Notify your homeowners and hazard insurance carriers of the transfer into the Trust. Ask insurance carriers to name the Trust as an additional insured.

IRA, TAX SHELTERED ANNUITY, OR QUALIFIED PLAN (Pension, Profit Sharing, 401(k), Keogh or ESOP). This subject deserves special treatment. I will discuss it in a future column.

This column is for general information only. The facts of your case may change the advice given. Do not rely on the information in this column without consulting an estate planning specialist.