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You can put a house or other piece of property into your revocable trust. You can include property even if it has a mortgage on it. Consider whether you want to leave property to your heirs through a trust. Because the trust is revocable, you can change your mind at any time (unless you become incapacitated). The only cost you will incur is the cost of retitling property back to your own name. Realize that the mortgage follows the property into the trust. Your ownership interest in any business is probably quite valuable. You should consider leaving those interests to people in your revocable trust. For example, you might leave the following: You can transfer the assets and business name of a sole proprietorship to the revocable trust. You might be able transfer your ownership interest in a partnership to the trust, although you should check the partnership document first. Some partnership documents limit your ability to make this transfer. You might also be able to transfer shares in a closely held company to your revocable trust. You may also be able to transfer your ownership interest in a limited liability company, though you will need other owners to agree. A trust can own business property but cannot operate a business. If the business interests to be transferred are S corporation shares, care must be taken not to violate the ownership rules for S status. You can also add different financial accounts to your revocable trust. Once you include the account in the trust, the trust owns the assets in the account. Consider adding the following to your revocable trust: stocks bonds Many people own valuable property that is intangible. This kind of property is often called intellectual property. You might have some of the following, which you can put into your trust: patents copyrighted creative works Go through your possessions and identify what else you would like to leave. You don't have to add every single possession you own to your trust. However, you should add things that have substantial value, such as the following: antiques artwork furniture coins other collector's items You can't add some property to a trust, either because doing so is too cumbersome or because it is illegal. In particular, you shouldn't add the following: Retirement accounts and 401(k)s. However, you can name your trust as a beneficiary. Life insurance. Your beneficiaries are named on your policy. However, you can name your trust as a beneficiary. Cash. You can't transfer cash, though you can name someone as the beneficiary of a cash account. They then get whatever is in the account at your death. Securities. It's better to use transfer-on-death registration instead. Vehicles. Although you can legally transfer a vehicle to a living trust, some insurers are confused when a trust is the owner. It's probably easier not to own vehicles in a trust.
Consider adding real estate. Identify business interests. Add financial accounts. Include intellectual property assets. Find other valuables to add. Identify what not to add to a revocable trust.