What is a 'Bill of Transfer'?
A Bill of Transfer is a document used to transfer personal property into a trust. This document acts as a "catch-all" for all personal items without formal ownership documents, such as deeds or titles, ensuring that nothing is overlooked in your estate plan.
Why use a 'Bill of Transfer'?
The primary purpose of a Bill of Transfer is to ensure that all assets, especially those without formal ownership documents, are included in your trust. This helps in bypassing the probate process upon your passing and facilitates the smooth distribution of assets as per the terms of the trust.
What property does the 'Bill of Transfer' cover?
The Bill of Transfer covers all personal property, including household items, vehicles, furniture, electronics, books, artwork, and other tangible assets without deeds or titles. Assets that have deeds or titles, such as real estate or bank accounts, require a different transfer process. These should be handled separately from the Bill of Transfer.
If you have specific items you would like to leave to specific people, you can specify them in the Gift section of your Estate Plan instead.
Do I need to sign and notarize the 'Bill of Transfer' document?
While signing the Bill of Transfer is optional, it is recommended to ensure thorough coverage of all assets. It can be signed at any time, even after completing the other Trust documents.
The Bill of Transfer does not need to be notarized.
How to Access the 'Bill of Transfer' Template
You can view, download, or print your Bill of Transfer template directly from your account. Simply click on Documents from the menu on the left-hand side and then select the Documents tab at the top. Scroll down to find the document titled 'Bill of Transfer' within the list.
Accounts with Separate Trusts will have a Bill of Transfer for each spouse, while accounts with a Joint Trust will have a single Bill of Transfer that both spouses sign.