Your revocable trust includes Asset Schedules. Depending on your marital status and the type of trust you have in your estate plan, there may be just one asset schedule that represents all the assets you are including in your estate or, in the case of married joint trusts, there will be three asset schedules: one that documents your jointly-owned assets and then one asset each for any separate (individually owned) assets for each spouse.
Why Complete the Asset Schedules?
There are reasons why revocable trusts need completed Asset Schedules
Reason #1: Your asset schedule is a road map for your successor trustee. Since it lists all of your assets, you can rest assured that all of your assets will be accounted for and distributed to your beneficiaries.
Reason #2: Listing assets on the asset schedules doesn't officially retitle those assets into your trust, but in certain states, it has been ruled that doing so indicates your intention to have them be considered a trust asset. In the situation that you didn't get those assets formally retitled into the trust before your passing and those assets end up in probate proceedings to determine who should inherit them, probate courts have accepted asset schedules as an acknowledgment of your intent to have those assets included in your trust. This can help to reduce probate expenses and potential conflicts with concerned parties.
Asset Schedules are located at the end of the Trust. They can and should be modified as often as needed. Updating asset schedules can be done without requiring you to make a formal amendment to your trust document. The information needed to create detailed asset schedules is entered under an entirely separate tile entitled “Asset Schedule” in your online portal. You are encouraged to log in and make changes to the asset schedules whenever you buy or sell an asset. You can print out and replace updated asset schedules in your binder whenever you modify them. There is no charge to maintain current asset schedules in your account.