The Importance of Making Sure Your Trust is Funded
February 22nd, 2016 by beasleyferber
As all of our clients know, our firm is a huge believer in doing trusts to avoid probate. Essentially, a trust can assure that your estate is handled quickly, efficiently and privately after your death, usually at a much lower cost than a probate proceeding. However, (and as we stress to all of our clients) a trust needs to be funded in order for it to work. That is, all of your non-IRA and non-beneficiary assets need to be put into the trust. If you do not do so, then the asset you leave out will be subject to probate. Therefore, not only is it essential to put your assets into the trust when the trust is set up, but all new assets should be titled in the trust as well. For example, if you buy a new car, it is easy to have the dealer set up the title in the trust name. Or, if you open a new investment, CD or bank account, be sure to do so in the name of the trust. In this way, you can assure that your trust will do its job after your death.