What is FUNDING?
Updated: 13 hours ago
Funding is a critical step in the estate planning process, and it's one you don't want to forget. Our attorneys say that other than having no plan at all, one of the biggest mistakes people can make is failing to fund their trust.
Once you've met with us to create your plan, there are still a few more steps to complete. This is a very important part of the process. We want your plan to work for you and your loved ones the way you intended.
If you don’t take these critical action steps, it will be as if you bought a safe, but then didn’t put anything in it.
You need to identify all of your account administrators and contact each one to inform them that you have created a Revocable Living Trust and that you need to retitle the account or change beneficiary designations.
Once that’s complete, obtain copies of all retitled accounts and place them in your trust portfolio in the funding tab. If you need assistance in titling assets, please do not hesitate to send an email or schedule a phone appointment with us to discuss your questions.
Finally, congratulate yourself for properly funding your trust and ensuring that your estate will avoid probate court and your loved ones will be protected.
Call us at 614-760-1801 if you have any questions about funding your trust.