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Trusts & Estates

Tangible Personal Property—A Call to Arms!

There are only three ways a revocable trust could own TPP. First, the property passed to the trust as a result of the grantor’s death, most likely at the direction of a will. Second, the grantor transferred the property to the trust before dying. Third, and least likely, the grantor funded the trust with liquid assets, and the trustee used those funds to purchase the TPP. Each of these options involves a thoughtful choice by the grantor or an advisor to hold TPP in the name of the revocable trust. This ownership structure was created for a reason, so why unwind that structure after the grantor dies?

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