Bill of Transfer to a Trust
A Trust is a legal document containing a formal agreement between parties in which one party grants or vests the ownership rights (title) to one or more trustees for the purposes of conservation, protection, or preservation on behalf of the first party or beneficiary of the trust. This instrument normally and usually states: The reasons and purposes as to why the trust was established and the actions that will terminate the trust, a detailed record of what assets are placed and present in the trust, the authority and boundaries of the said trustees, the reporting requirements of the trustees, and other provisions associated to the trust. It may also state the compensation that the trustees will be receiving, if there are any.
A Bill of Transfer to a Trust is used to transfer personal property and can range to anything such as household appliances (refrigerators, microwaves, ovens), collections of jewelry, furniture, fine china sets, and other items you may hold dear as long as these items do no have a title or deed. Items such as properties or vehicles cannot be placed in a bill of transfer to a living trust. A Bill of transfer is used to transfer personal property (without deeds or titles), and helps dictate which items belong to whom when the original owner passes away. It also helps solidify the title and shows just who owns what items. Using this legal document or form ensures the security and protection of your valuables and makes sure that they get into the hands of those you meant them for.
Bill of Transfer to a Trust
I, ________________ (“Grantor”), and my spouse, ______________, hereby sell, transfer, and assign to the Trustee of the ____________ (“Trust”), all of our right, title and interest in the assets(s) described on the attached Schedule A.
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Grantor__________________
Grantor SpouseDate:
Bill of Transfer to a Trust
Review ListThis review list is provided to inform you about this document in question and assist you in its preparation. Your spouse should sign to eliminate any future contention that he or she had any right, title, or interest in the property transferred.
1. Make multiple copies. Keep copies with all of the original trust documents. Remember to perfect any interests in the actual stock certificates, deeds, or any other such things relating to the property transferred. Although this is not strictly necessary, it will simplify and reduce the costs of administering these assets in the future-as well as reducing any room for dispute, especially after the various statutes of limitation time limits attach and go into full force and effect.
