From our “Ask a Question” mailbag: I had a Revocable Living Trust created several years ago, but I have not put anything into it. I own my Philadelphia home, a few bank accounts and investment accounts. I want everything to pass to my daughter at my death, but she lives in California, so I want the transfer to be easy. Should I move my house from my name into the Revocable Trust?
The goal you have stated in forming your Revocable Living Trust was to make things easier on your daughter who lives in California. Though your intentions are good, without moving the house into the trust you really have done nothing to help her.
The basic idea surrounding a Revocable Living Trust is that during your lifetime you either move your assets into the trust or you set things up so that at your death, they pour into the trust.