REMEMBER TO FUND YOUR TRUST
You created a Trust document to (1) ensure that your wishes are fulfilled upon your death, and 2) avoid probate. However, if your Trust is not funded then the purpose lost. The attorney’s role is to draft the Trust document and to explain how funding it works; but often the attorney’s role ends there. “Funding” is the process of transferring title of your assets to the trust. To ensure that your Trust is properly funded, you should determine and review how your assets are titled. For instance, the following are typical assets that could be titled to your Trust:
- How is your real estate titled?
- How is your personal property titled?
- How are your bank accounts titled?
- Who are the owners or beneficiaries of your IRAs, stocks, and other investments?
- Who is the beneficiary of your life insurance?
If you have a Trust and are unsure how your assets are titled, contact one of the estate planning experts at Kreis Enderle to review your estate plan.