Your estate plan includes a Schedule of Assets, these schedules document both joint and separate (individually owned) assets.
Why Complete the Schedule of Assets?
Did you know that there is more than $70 billion in unclaimed assets in the US today? According to the National Association of Unclaimed Property Administrators, if you don't include evidence of what you own in your estate plan, your assets could end up becoming one of those unclaimed assets.
Why revocable living trusts need a completed Schedule of Assets
Reason #1: Your schedule of assets 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 change the title to the trust, but in certain states, it has been ruled that doing so indicates the Grantor's intention to fund. In these cases, probate courts have acknowledged the Grantor's (your) intent and directed the assets listed on the schedules to be funded into the trust. This greatly reduces probate expenses and potential conflicts with concerned parties.
Asset Schedules are located at the end of the Trust. There is one asset schedule for a single person trust. There are three asset schedules in each married trust: one asset schedule each for any separate property for each spouse and one schedule for all jointly-owned assets.
Asset schedules can be modified as often as needed without making a formal amendment to the 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 listing 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.