Various estate planning tools can help Arkansas residents protect their assets. However, trusts usually offer the most protection and most control when it comes to property distribution after a person’s passing. If a person creates this type of account, it is important that it is funded, but some parties may not know what they can put into a revocable living trust.
Fortunately, many types of assets can be put into this type of trust. For example, if individuals have cash accounts, they can be funded to the revocable living trust. It is important to carefully retitle certain assets because some accounts could incur penalties for such actions, particularly CDs. Individuals could also put any stocks or bonds that they hold in certificate form into their revocable living trust, but a new certificate is needed.
Additionally, parties can place any tangible personal property that they have into the trust. These items can range from jewelry to antiques to books. When it comes to passing personal property into a trust, some individuals may want to create a pour-over will that will ensure that any personal assets not funded to the trust before the person’s passing will transfer into the account after his or her death.
Trusts can come in many forms, and a revocable living trust could be a useful estate planning tool for many Arkansas residents. Of course, in order to be effective, the trust needs to be created and funded properly. If individuals are interested in using this planning option, they may want to gain more information from knowledgeable attorneys.