Section 7-1.18. Funding of lifetime trust  


Latest version.
  • A lifetime trust shall be valid as to any assets therein to the extent
      the  assets  have  been  transferred  to the trust. For purposes of this
      section, (a) transfer is not  accomplished  by  recital  of  assignment,
      holding  or  receipt  in  the trust instrument, and (b) in the case of a
      trust of which the creator is the sole trustee, transfer shall  mean  in
      the  case of assets capable of registration such as real estate, stocks,
      bonds, bank and brokerage accounts and the like, the  recording  of  the
      deed  or  the completion of registration of the asset in the name of the
      trust or trustee, and in the case of other assets a  written  assignment
      describing the asset with particularity.