Video Summary
What assets can you include in your trust? Well, there are a precious few assets that I can think of that cannot be titled in your trust. The only time that you would not be able to title an asset in a trust is if whoever is issuing a particular titled security or asset refuses to allow it to be titled in the name of the trust. But, titling it in the name of the trust is really a misnomer. You title trust assets in the name of the trustee rather than in the name of the trust. So, assets would be titled as, “John Doe as Trustee of the John Doe Revocable Trust, dated October 24, 2011.”
You do not want to just title it as, “The John Doe Revocable Trust” or, “The John Doe Trust.” Likewise, you don’t want to title your assets as, “John Doe as Trustee.” The Florida statutes, as far as real property is concerned, states if you title assets as, “John Doe as Trustee,” they consider it individual asset. The trust must be identified. However, the assets should be titled in the name of the trustee of an identified trust. The biggest problem with people setting up revocable trusts is that they don’t retitle their assets in their name as trustees under their trust. So, they don’t get the benefit of the revocable trust, which is usually to avoid probate.
One other reason many people transfer their assets into a trust is that they believe it will protect those assets from creditors. Your assets that you transfer into a revocable trust are not protected from your creditors. If you set up an irrevocable trust, meaning a trust that cannot be changed, and you do not exercise control and dominion over those assets, then those assets could be protected from your creditors, provided that you’re not doing it for the purpose to evade your creditors. So, if you’d like to set up an irrevocable trust or to fund your revocable trust, give me a call at (727) 847-2288. I’ll be glad to assist you. Thank you.