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I have a Revocable Trust I set up in 2008 with $1.00. Is it…

I have a Revocable...

I have a Revocable Trust I set up in 2008 with $1.00. Is it still viable and how do I fund it?

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

Sorry, I thought you knew by the website. I live in New Hampshire, which is where I set this up

Lawyer's Assistant: What documents or supporting evidence do you have?

I have the trust papers

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I had set this up when my husband was sick, but was never used. Now I would like to use it for my children's future should something happen to me.

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Answered in 4 minutes by:
3/19/2018
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today.

The answer to your question is that even if it has $1, it is still viable and you can transfer the property as you would to any other entity.

A trust is valid if it has a trustor (you), a trust corpus (property in the trust), is signed by you and by at least two witnesses. If the trust is otherwise valid in this case, then the trust is still viable. This means that you can move property into a trust. Property can be moved into a trust by changing the title of the property into the name of the trust. For instane, if you have an IRA that you would like to have the trust to become the owner of, contact the bank that issued the IRA and they will send you the paperwork necessary to get it transferred. The same goes for vehicles, homes, and other property as well. For some personal property that doesn't have a title or deed attached (like a valuable lamp), you just need to update the trust to read that the property identified is going to be owned by the trust. Once you make these changes to the trust, you must be sure to sign it again and have two witnesses who are not receiving anything from the trust sign as witnesses.

Did you have any other questions for me today that I could help you with?

Legal Eagle
Legal Eagle, Lawyer
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Customer reply replied 1 month ago
That is what I had hoped for, but I don't see any numbers on the papers to refer to? It is all signed and legal. Do I just go by my name

Yeah, you can call the trust whatever you want, just so long as it is connected to you. Most people just call it the "[Insert name] family trust." Regardless, because the trust has been set up, you can make changes to it, just make sure that it is otherwise signed and witnessed as well.

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