What is a schedule of assets?

A schedule of assets is a list of property associated with a trust. It helps organize records. But it may not replace a deed, title change, account form, assignment, or beneficiary form needed to transfer an asset.

General information

• Clear property descriptions reduce the risk of confusion.
• Limiting unnecessary use of full account numbers can reduce security risk.
• Property changes are a common reason to review the schedule and title records.

Service steps to consider

1. Listing assets by useful description.
2. Completing the separate legal transfer for each asset.
3. Storing the schedule with the trust records.

Quick check

• Is the asset in the trust's name?
• Did the bank or county record the change?
• Did I save proof?

How Complete Wills can help

Complete Wills' trust-based package includes a revocable living trust, schedule of assets, certification of trust, pour-over will, power of attorney, health-care directive, and HIPAA authorization. The service can prepare documents from customer answers. But the customer remains responsible for signing and for properly funding the trust. Customer support can explain website features and questionnaire fields, but it cannot choose documents, people, distributions, or legal terms, interpret a completed document, or explain how the law applies to a person's facts. Only a separately engaged licensed attorney may provide legal advice within the attorney's engagement.

Important limits

• A trust controls only property legally connected to it. A schedule alone may not change title.
• Get legal, tax, or financial advice before transferring retirement accounts, business interests, mortgaged property, foreign property, or assets with transfer restrictions. This article gives general information only. A licensed attorney can explain how state law applies to a specific estate plan or document.