Trust funding checklist
When you create your Revocable Trust, it is important to “fund” your trust, ie: title assets in the name of the trust. Here's a checklist for assets to consider when retitling into the name of a revocable trust, and for those where you may designate the trust as a beneficiary. This list will help streamline the process of funding the trust effectively and ensure assets are correctly designated. Michelle Goff Law will assist at the time the trust is created with all of your real estate. Should you wish for assistance with your other assets, please contact us for pricing information.
This is important to revisit over the years to make sure you haven’t purchased new real estate or opened new bank or financial accounts. If you don’t “fund” your trust, there could be a probate at your death which is what you are trying to avoid by having a trust.
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Trust Funding - so very important!
In the world of estate planning, a trust can be a powerful tool to ensure that your assets are managed and distributed according to your wishes. However, there's one critical step that many people overlook: funding the trust. If you’ve taken the time to establish a trust, it’s essential to understand why funding it is just as important.
What Does "Funding Your Trust" Mean?
Funding a trust simply means transferring ownership of your assets into the trust’s name. This can include real estate, bank accounts, investments, and personal property. Without proper funding, your trust is like a beautifully constructed house with no furniture—ready for use but unable to serve its intended purpose.