A trust is a legal agreement where a person or institution, known as the trustee, holds assets for the benefit of another person or people, known as the beneficiaries. Establishing a trust is a considerable part of estate planning, offering flexibility in how your assets are managed and distributed. This post will guide you through the process of transferring a Fidelity Investments Retirement Account into a trust.
Understanding the Process
The process of transferring a Fidelity Investments Retirement Account into a trust involves changing the ownership of the account from an individual to a trust. This process necessitates certain documents, including the trust agreement and identification for the trustee, as well as the completion of forms provided by Fidelity.
Step-by-Step Guide on Transferring a Fidelity Investments Retirement Account into a Trust
- Establishing the Trust: Before you can transfer your retirement account, you must first establish a trust. This can be done online using services like Snug or through a lawyer for more complex situations.
- Compiling Necessary Documents: Once the trust is established, gather the necessary documents. These typically include a certified copy of the trust agreement, a document showing the trustee's authority, and identification documents.
- Contacting Fidelity Investments: Next, contact Fidelity Investments to inform them of your intent to transfer your retirement account into the trust. You can do so by calling their customer service line or by visiting a branch. The customer service number for Fidelity is 1-800-343-3548. They are available Monday through Friday, 8 am to 10 pm, and Saturday, 9 am to 4 pm, eastern time. For further assistance, visit the official Fidelity website or your local branch.
- Completing Required Forms: Fidelity will provide you with the necessary forms to complete the transfer. Some of these may need to be notarized, so be prepared for this step.
- Confirming the Transfer and Updating Account Information: Once the forms are processed, Fidelity will transfer the ownership of the account to the trust. Make sure to update your account information and verify that all is in order.
Tips and Precautions
Here are some tips to ensure a seamless transfer:
- Ensure all information in your trust document is accurate and current.
- Maintain copies of all documents and forms submitted to Fidelity.
- Make sure the trust has a Tax Identification Number (TIN) for tax purposes.
Remember that transferring a retirement account into a trust means the account is no longer owned by an individual but by the trust. Always consult with a legal or financial advisor to understand the implications.
The Role of Fidelity in the Transfer Process
Fidelity is dedicated to assisting its customers throughout the transfer process. The company's representatives can guide you through the steps, provide necessary forms, and offer resources on trust management and estate planning to help you make informed decisions.
Transferring a Fidelity Investments Retirement Account into a trust is a crucial step in managing your financial assets. It ensures your wealth is distributed according to your wishes and provides peace of mind for the future. Seek professional advice during this process to avoid any legal or financial missteps. Begin your journey towards securing your financial legacy today.