Bypass trust Assets need to be retitled?

[curb1]

What is the name of your state? CA When the assets in a revocable living trust are placed into a bypass trust and survivors trust following the death of first spouse, do the assets need to be retitled to reflect the different trusts?

 

[tecate]

Either that or clearly segregate them on the books and records of the trustee. Many trusts have provisions allowing this. I feel it is better practice to retitle the assets.

 

[curb1]

Thank you. It makes sense. When the bypass trust is set up along with the survivor trust, is the original living trust obsolete? Or, do they become part of the living trust?

 

[tecate]

All trusts are unique, but usually, they are three trusts under the same instrument (contract). When the trustee has retitled all assets to the survivor's and bypass trusts, the living trust isn't obsolete, just fully distributed under the terms of the trust instrument.