In order to save you from making a list of all of the tangible personal property that you own, a blanket Assignment of Tangible Personal Property or Quitclaim Bill of Sale should be prepared in order to fund these assets into your Revocable Living Trust.
Transferring Personal Effects and Certain Intangible Assets
A blanket assignment will cover the funding of all of your personal effects located in your primary and other residences into your trust, such as jewelry, clothing, art work, collectibles, furniture, antiques, and the like. A blanket assignment or specific assignments can also be drafted to cover tangible things without legal certificates of title such as cattle, livestock and pets, and intangible things without legal certificates of title such as the right to sue someone; unincorporated businesses; copyrights and patents; season tickets to sporting events; airline frequent flyer miles, and country club membership interests.
Transferring Tangible Property With a Legal Title
With regard to the funding of tangible personal property that has a legal certificate of title, such as a car, motorcycle, scooter, boat, airplane or race horse, a blanket assignment into the trust won't work. Instead, these types of assets will require the transfer of the legal certificate of title into the name of the trust.
Be sure to discuss all of the types of personal assets that you own with your attorney to insure that they'll be covered by a blanket or specific assignment or will instead require a transfer of the legal certificate of title.
