Hi, I want to talk to you today about a tiny little document that most people don’t even pay attention to in their estate plan, and that’s called the “assignment of assets” form.
So when clients go get a trust, a revocable living trust, to fund it, what they do is, and most of the time the attorneys handle the real estate, attorneys will in this readied your home from your individual name to your name, comma trustee of the whatever you’ve called your trust. And they actually record that deed down at the county of which your house is in.
And the purpose of that is when the county records show that your house is in your trust, there is no probate on that piece of property. And that’s why it’s important to fund your trust, actually title assets that you have, your brokerage accounts, your bank accounts, your real estate to your trust.
But what if you have something that you rightfully purchased? You have a bill of sale or an invoice, but it doesn’t have a formal title anywhere such as a Kobe Bryant’s locker. They remodeled the Lakers, the, the center here, just a year and a half ago and they came across Kobe Bryant’s old locker and they said, what do we do with this?
And they auctioned it off for charity and someone bought it for $1.7 million.
Now they legitimately bought it. They paid real money for it.
But it’s not a registered owner thing at the county. So how does that man or woman get the locker in the trust? That’s an assignment of assets form. It says, assign my interest in all these things of value and importance to my trust for the purposes of avoiding probate. Because valuable items like a $1.7 million locker, that would trigger probate in every state in the nation.
So you do not want to have to probate a locker. So you want to assign it to your trust and if it’s assigned to your trust for the purposes of avoiding probate, that’s an important transaction on very valuable assets. Things that are not recorded at the county or state level. So things like Carrie Fisher’s gold bikini she wore at the Star Wars movie where she was doing that dance, that auctioned off for $178,000.
A valuable asset, bill of sale, how do you get it in your trust? List it on your assignment of assets. If you’re a business owner and you’re a member or a partner in a partnership, or you’re a member of an LLC, those two organizations, entities, actually don’t come with stock certificates. SNC corporations do, and you retitle the SNC corporation stock certificate to reflect you have a trust.
What do you do with partnership interests? What do you do with LLCs where you have an operating agreement and not an actual share certificate? That’s where assignment of assets form comes in. Make sure you list the official title of your LLC or the official name of your partnership or DBA to your attorney. And they will assign your interest of those valuable entities to your trust. And now that entity is considered outside of your probatable estate. It’s in your trust and will pass privately, quietly and without a probate proceeding to the next layer of heirs. Have a great time putting your estate plan together.
Video Summary:
When setting up a revocable living trust, many people focus on retitling their home or bank accounts but overlook their unique valuables — items without formal titles or deeds. That’s where the assignment of assets form comes in. Whether you own a Kobe Bryant locker, Carrie Fisher’s gold bikini, or have membership interests in a partnership or LLC without stock certificates, this simple document lets you transfer ownership of these assets directly into your trust. By doing so, you shield them from the lengthy and public probate process, ensuring they move seamlessly and privately to your chosen heirs. Think of the assignment of assets form as a catch-all safety net for those one-of-a-kind treasures that matter to you — and to your legacy. It’s a small step that can make a significant difference in protecting and passing on what you value most.
This material is intended for general public use. By providing this content, Park Avenue Securities LLC and your financial representative are not undertaking to provide investment advice or make a recommendation for a specific individual or situation, or to otherwise act in a fiduciary capacity. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. Tom is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Florida Veterinary Advisors and The Next Step Planning Group are not an affiliate or subsidiary of PAS or Guardian. California Insurance License #0K80141. AR Insurance License #15823672. Florida Veterinary Advisors is not registered in any state or with the U.S. Securities and Exchange Commission as a Registered Investment Advisor. The individuals associated with Florida Veterinary Advisors do not maintain specialized licenses or qualifications for the financial services provided to veterinary professionals. 7989827.1 Exp 5/27