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Is your Trust Properly Funded?

Moses Estate Planning PLLC June 3, 2024

Funding your Revocable Living Trust is one of the most important aspects of Estate Planning, and the Trust funding process can continue well beyond your Trust signature date. Without proper funding, your Trust may be ineffective as to your specific wishes after you pass away. As you acquire additional assets during your lifetime, whether through your own resources, or through inheritance or other means, you must ensure that all such assets are proactively transferred (or "funded") to your Trust. Generally, the major assets to consider are one’s bank accounts, investment accounts, real estate, and insurance policies, however other assets such as timeshares and intellectual property may be relevant as well.

At the end of the day, it’s up to you to make sure your assets are titled in the name of your Trust so that the distribution of such assets follows the schematic that you thought so long and hard about and detailed during the creation of your Trust documents.

It may be time to schedule a follow-up meeting with your Estate Planning Attorney, financial advisor, and/or insurance agent to ensure that all necessary title changes and beneficiary designations have been properly made. Any assets that remain titled under your individual name after you pass away may cause delays, expenses, and potential conflicts for your beneficiaries, who may then have to go through the probate process to access those assets. Proper funding of your Trust during your lifetime also ensures that your assets transfer seamlessly and privately to your intended beneficiaries after you pass.

Take the time now to review your assets with your Estate Planning Attorney and make a plan to ensure that all assets have been accounted for and that your Trust is funded appropriately.  At the end of the day, the whole premise of Estate Planning is to be proactive, and to make sure that default laws don’t kick in that might otherwise negatively impact how your asset are distributed at your death. Consider Moses Estate Planning for all of your Trust funding questions and concerns!