Creating a Revocable Living Trust is a financial investment that can benefit you both while you are alive and after you have passed. Unfortunately, we often see that people have not properly funded their Trust during their lifetimes and have not taken full advantage of the Trust.
How Do I “Fund” My Trust?
So, what does it mean to fund the Trust? This is the process of transferring your assets from you as an individual to your Trust. Your trust and trustee can only control the assets that you have put into the trust. A key benefit of a Living Trust is that as trustee, you can continue to use, buy, sell, and invest trust assets. You can also remove assets from your Trust should use decide you no longer need the asset or even the Trust.
Our office works hand in hand with our clients to advise them on ensuring their Trusts are properly funded. While the assets put in your Trust can vary based on your individual circumstances, some common assets that are put into the trust are the following:
- Real Property
- Certain Retirement Vehicles
- Deposits with Financial Institutions
- Certain Insurance Policies
- Personal Untitled Property
What Happens if I Forget to Transfer an Asset?
The practice of Martin L. Rogalski, PC is to have our clients sign a pour-over will when they create a Trust. This Will catches any assets you may have forgotten and send it to your trust. Typically, the asset or assets caught by the pour-over will still have to go through probate, but then they can be distributed according to the terms of your trust.
Can You Help Me Make Sure I Have Funded My Trust?
As a complementary service to current estate planning clients, our office conducts an appointment to discuss funding your Trust. This appointment is typically held about a month after you have signed your estate planning documents to ensure your signed paperwork has been fully processed.
If you are a former estate planning client, our office is more than happy to assist you in making sure your Trust has been properly funded. We will also make sure that you are still happy with the contents of your estate planning documents. Please call the office and request an appointment to discuss making sure your trust has been properly funded.
Don’t hesitate to contact our office today with questions, to set up your Trust or to ensure your Trust is properly funded.
