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Most banks prefer that you and your spouse come to a local branch of the bank and complete their trust transfer form. Typically this is a one or two page document that will ask you to list the name of your trust, the date of the trust and who the current trustees are.
Tennessee has not adopted the Uniform Probate Code. So if your property is worth more than $50,000, a living trust will enable your heirs to avoid the states lengthy probate period and legal costs. Living trusts do cost money, though, so you should weigh the benefits with the outlay of $1,000 or more.
Some of your financial assets need to be owned by your trust and others need to name your trust as the beneficiary. With your day-to-day checking and savings accounts, I always recommend that you own those accounts in the name of your trust.
From your house to your financial accounts, there are many assets youll likely want to include in your living trust: Bank accounts. Real estate property. Insurance policies. Stocks, bonds, and other investment assets. Tangible personal property. Limited liability company (LLCs) Cryptocurrency.