It includes checking, savings, money markets, and CDs.
Be careful with CDs because your bank may consider the retitling of a CD into a Revocable Living Trust as an early withdrawal of the funds from the CD.
Why would you want to change the owner of your life insurance policy to the Trustee of your Revocable Living Trust?
Because if you become mentally incapacitated, then your Disability Trustee will have the legal authority to deal with policy, including borrowing against the cash value of the policy to pay for your care.
This donation can be planned during your lifetime with the charity’s help, and incorporated into your will or trust.
One way to minimize administrative expense and conflict after your death is to have your tangibles appraised at the time of your estate planning.The administrative costs to the estate of disposing of tangibles can be significant, as accounting for numerous items can be very time-consuming.In addition, where emotions tend to run high after a loved one’s death, probating tangible items can spark significant animosity among surviving family members.If this is the case, then you'll have to wait until the CD matures before retitling it into your trust.It includes assets held in an investment or brokerage account in your name, in joint names with others, or as a tenant in common.It includes shares of stock in a closely held corporation, partnership interests (general and limited), and membership interests in limited liability companies.Be sure to check any shareholders' agreements, partnership agreements, or operating agreements for restrictions on transfers and specific procedures that must be followed to retitle your shares or interests into the name of your Revocable Living Trust.This includes personal effects (jewelry, clothing, books, personal papers, personal computers); household goods (furniture and furnishings, antiques, collectibles, artwork); motor vehicles (cars, trucks, boats, scooters, airplanes); firearms; pets, horses and cattle; tools; and photos and the like.Note that in some states a motor vehicle titled in an individual's name can be transferred without probate.You may also choose to incorporate lottery provisions into your estate planning documents for those tangibles you don’t wish to pass to a specific person.For example, you may provide in your will and/or revocable trust that the tangibles should be distributed to your children by a lottery selection process, where the child who draws the first lot selects the first item, the child who draws the second lot selects the second item, and so on.