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Many people these days choose to use a revocable living trust to pass along their estate to their survivors, instead of relying on the traditional last will and probate.
Much is said, however, about funding a trust. But what does it mean to fund a trust?
Funding a trust is transferring assets from your name to your trust. Some people make the mistake of failing or neglecting to fund their trust which sends their assets and their heirs through the probate court system.
Keep in mind that if you sign your trust but do not transfer title of your assets to your trust, you're not avoiding probate. You might just have an amazing trust, but until you fund it, it doesn't control anything.
How you fund your trust depends on what assets you own. While each family is unique, and each state can be different, your attorney can likely prepare and record the paperwork to transfer your real estate to your trust. Since your attorney cannot sign on your accounts at your financial institutions, it will likely be up to you to work with your banks and brokerage firms to re-title your financial accounts into the trust's name.
You likely also have assets that do not need to funded into your trust. Your IRAs, for example, must stay in your name. They will avoid probate by your naming designated beneficiaries on the account paperwork.
And if you acquire new assets after you establish and fund your trust, you should acquire those assets in the name of your trust. If you purchase a piece of real estate, but it in the name of your trust. If you open a new account, open it in the name of the trust.
For prospective law firm clients who want to schedule a free 15 minute initial phone call with Paul Rabalais, go to: [ Ссылка ]
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450
