Personal Property and assets that do not have a formal title of ownership transfer to one’s Trust by signing an “Assignment of Personal Property” or a “Bill of Sale.”
It is important to remember that a Revocable Living Trust (or any other Trust) can only manage, hold, or distribute assets over which it has ownership.
Most assets have (a) a title that can transfer, (b) a TOD (transfer-on-death) or POD (payable-on-death) designation that can be assigned, or (c) an account name that can be changed—to transfer ownership from you to your Trust.
However, many important and valuable assets do not have a “paper trail” or formal ownership record.
Some examples include club memberships, digital devices, digital assets, user accounts, electronically stored information, “cryptocurrency,” social media accounts, decorations, clothing, jewelry, precious stones, furniture, rugs, paintings, other works of art, books, china, silverware, collectibles.
Property in this category classifies as tangible or intangible Personal Property. Accordingly, it is transferred to your Trust using an “Assignment of Personal Property” or “Bill of Sale.”
When creating a Trust, ask your estate planning attorney to include this ancillary document to help you adequately fund your Trust.