When an estate plan is created and signed, it is active and controls your estate. Perhaps the biggest part of an estate plan is the Revocable Trust (also known as a Family Trust), which appoints a person or entity in charge of distributing your assets after you pass on, designates how your assets are to be distributed, and ensure that nothing is left behind.
Just as a new wallet must be filled, a Trust must be “funded” - in other words the assets must be in the name of the trust - meaning larger assets such as your home, financial accounts, and other assets, are then placed the trust.
Just like a wallet is only as useful as the contents inside of it, your trust needs to have assets in its name. If the trust is not funded, the person in charge of your estate will have to file a court action, effectively undermining the very purpose of the trust. If you have a trust in place, take a moment to read through it and make sure those large assets are in its name.
If you don’t have a trust in place, you can contact us today to get started on protecting your estate and your family's future. We are always happy to answer your questions about funding a trust and all other estate planning needs.
