Frequently Asked Questions AFTER your Trust Signing
What is my Trust Tax ID or EIN? Does my Trust have a separate Tax ID?
Your trust does not have a separate tax ID or EIN while you are alive. While you are alive, simply use your social security number. Once you pass, your successor trustees will obtain a tax ID for the trust because it has now become irrevocable at that point.
Do I need to re-title my vehicle to the name of the trust?
No your vehicle does not need to be retitled in the name of your trust. It is included generally in your trust via your assignment of personal property (like your clothes, couch, knick-knacks). The DMV also has a form for vehicle transfer when the time comes.
I received this official looking notice in the mail, what do I do?
If the form you received is telling or asking you to order a copy of your deed or a property report, and there is a fee associated with obtaining it, such as a $100 - that is just a solicitation and can be discarded.
However, if you received any kind of notice or letter from the actual county recorder or county assessor then you should contact us immediately.
Another item that you may receive, but is rare, is the Rental Unit Business Tax Billing Statement. If you only own and occupy your primary residence and receive this notice, it is an error on the city's part. You should contact them and also complete the form letting them know your home is owner occupied and not a rental to avoid getting charged the annual fee. (If you have multiple properties, you may or likely already receive these forms).
How should I set up my beneficiaries?
We can guide you on suggested designations, but ultimately these will depend on your specific situation and you should also speak directly with your CPA or financial advisor for more in depth analysis. But generally:
- If you're married, your spouse should always be your primary beneficiary. Who your contingent beneficiary is will depend on who you want to be the backup. If you have minor children or are holding children's inheritance in trust until a certain age, the trust should be listed as the contingent beneficiary. If you have adult beneficiaries, you might want to simply list them as contingent beneficiary to go directly to them.
- If you're single and want your account to be distributed per your trust distributions, you'll want to name the trust as your beneficiary. However, if you prefer a certain account go to one individual, then you'd simply list their name as primary beneficiary. Always make sure to have a contingent beneficiary in case your primary predeceases you.
Do I have to put all of my assets into my trust?
This will depend on your unique situation, so the answer could be yes or no, but if appropriate, some assets can be controlled by the beneficiary designations and these assets (if set up properly) would transfer outside of your trust and also avoid probate court.
If you have minor beneficiaries you'll want your assets in the name of your trust or the trust as beneficiary to avoid a guardianship of the estate.
When should I update my trust or other estate planning documents?
Anytime you have a major life event such as a death, birth, change in your health, marriage/divorce you should review your entire estate plan to see if there is any impact.
Also, it's important to stay apprised as to any changes in the laws that may affect your documents. If you every have any concerns, please contact us for further assistance.
