A trust is a very important estate planning document for many reasons, which I’ve covered in prior blog articles. But the best trust ever created won’t accomplish anything unless you transfer your assets into it, including things like precious metals, e.g., gold and silver bullion and coins.
Last year, the Florida Legislature clarified that precious metals are tangible personal property:
“[P]recious metals in any tangible form, such as bullion or coins kept and acquired for their historical, artistic, collectable, or investment value apart from their normal use as legal tender for payment, are tangible personal property.”
Fla. Stat. 731.1065. So, precious metals are much like your clothes, furniture, tools, etc., except they’re worth much, much more! In short, you better make sure you transfer your gold and silver to your trust.
We do that with a document called an Assignment of Tangible Personal Property. This document assigns/transfers ownership of your precious metals to your trust so those assets can pass quickly to your family when you die, without going through the expensive, time-consuming probate process. (Oh… one more thing… you should put your kitchen sink in your trust too!)
If I can help you ensure your trust is properly funded, please contact me at (813) 244-7758 or Ross@RossSpanoLaw.com.