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hey guys today's video is how to transfer property into your trust welcome to two minute Tuesday where I attempt to discuss an estate planning topic in its few minutes or less but before we get started if you are finding these videos helpful then can you please hit the subscribe button in the right-hand corner below and click on the little bell so you'll get alerts every time we put out a new video I cannot overstate how important it is to have a fully funded revocable living trust a fully funded trust means that you have transferred all of your assets into your trust an unfunded or partially funded revocable living trust means that those assets that you do not transfer into your trust must go through the probate process at a courthouse now to transfer assets to your trust you must execute new deeds to real estate signature cards for bank accounts change beneficiary forms and designations for pet pension plans individual retirement accounts and life insurance policies basically anything that has a title with your name on it has to be changed to the name of the trust now we provide trust funding as a service but many people don't want to go through the expense of having us do it and that's okay for a small estate that might be all that's needed but if you have different assets in different locations and a different financial companies then you should probably have a professional assist you with that in Oklahoma I generally see most people have cash accounts life insurance policies and mineral interests so let's go through each one of these individually if you've had an attorney draw up your revocable trust then you most likely have either a certificate of trust or an affidavit of trust we actually like to give you both documents this document really states is that you actually have a trust and it's notice to the world that you have a trust without divulging the details of the actual trust document itself so with cash accounts like a bank account all you need to do is generally take this certificate of trust to your bank and tell them you want to change the name on your account - the name of your trust most banks will allow you to keep the same account number and will just change the name or the title of your account now with a CD or a certificate of deposit you need to be careful and check with your bank before you change the name on the account that owns the certificate of deposit and that's because CDs generally have a early withdrawal penalty and change in the name of a certificate of deposit could in the eyes of some baking institutions be an early withdrawal so you may just need to wait until the CD matures and then when you purchase a new one or you roll it over make sure the new certificate of deposit is in the name of your trust now with like insurance policies it really kind of depends on whether you want your heirs to get a lump sum of money or you want the money to be spread out over several years if you want the money up front and for them to get it has a lump sum then you will probably want to designate your beneficiary for your largest insurance policy as your errors and then the secondary the backup beneficiary being your trust however if you are like most people and you don't want your heirs to get a lump sum of money immediately then you should probably name the trust as a beneficiary and in the back up the secondary beneficiary as your heirs that way the money will be distributed according to the terms of the trust now with mineral interests it really depends on whether or not you own the mineral interest or you lease them if you own the mineral interest then you need to execute some sort of a deed to transfer your ownership to the name of the trust if you lease the interest the mineral interest then you need to assign your lease interest to the name of the trust is that you really need to discuss these with either your attorney your CPA or your financial planner to make sure make certain that you are making the correct decision for your particular situation there are no two situations that are exactly alike and that is why when you come to us we customize an estate plan that is tailored to your specific needs so to get you started I invite you to download our estate planning strategies guide there's a link below in the description and I'll also put a link in the comment section below if you have any questions and please just give us a call or download our free guide in the description section below and if you like the videos and you like to receive more then please hit the subscribe button below or on my face which should be appearing about right now in a circle until next time we'll see you later