Once you make a trust, there’s one more important step to take care of. You need to actually remember to fund it. When you fund a living trust, you’re protecting your assets and ensuring that they pass down to the right beneficiaries. A Washtenaw County estate planning attorney from our firm can help you ensure that you do not forget about anything important when you are transferring your assets.
Why Should I Use a Living Trust?
A living trust prevents your assets from going through probate after you pass away. This can be a time-consuming process that prevents your assets from being transferred to your beneficiaries quickly. When you have the right kind of trust, you don’t have to worry about probate wasting your loved one’s time and money.
Avoiding probate also means more confidentiality. There is not court record concerning your assets, your beneficiaries, and who gets what. This can make a living trust a valuable tool for any family that appreciates their privacy.
What Can Be Used to Fund a Living Trust?
All sorts of assets can be used to fund a living trust. A trust can include any of the following:
- Retirement accounts
- Real estate and property deeds
- Bank accounts
- Business interests
- Life insurance policies
- Personal property, like jewelry, collectibles, or furniture
There are different ways to place different types of assets into a trust. If you are at all confused about how to protect a certain type of property, a lawyer from our firm can answer your questions.
What Happens If I Don’t Fund a Living Trust?
When you don’t fund a living trust, you don’t get the benefits of a living trust. If you leave any assets out of it, your family is going to have to go through the probate process. Certain assets may not end up in the hands of the beneficiaries you would have chosen. This is why it’s important to fund your trust sooner rather than later. Some people set theirs up and never get around to taking this important step. It’s also a good idea to update your estate plan and trust after major life events or property purchases.
Can a Lawyer Help Me Transfer Assets?
You can fund a living trust with your assets on your own or you can have your lawyer do it. Usually, it ends up being a team effort. There are some things that are easy to transfer into a trust on your own and others that might seem more complex to deal with. You can let your lawyer handle all of it or you can handle some of the transfers on your own. If you have any questions about the process, your lawyer will be ready to answer them.
Contact Our Law Firm Today
If you’re ready to learn more about all of your estate planning options, contact Collis, Griffor & Hendra. We can schedule a consultation and tell you more about living trusts and other arrangements that can help you preserve your assets for generations.
