Trusts are a wonderful estate planning tool that we use here in our office. But many times we find when we are restating
trusts that clients don’t understand what it means to fund a trust. And basically what it means um to fund a trust is that you are retitling assets.
It can be real estate, business interest, bank accounts, investment accounts, and you’re retitling those things to now be owned by the trust. In
addition to that, you can uh name a trust as a beneficiary on many types of assets like life insurance and even retirement accounts. And what we like to
explain to clients is that when you have a trust, you’re not really getting the full benefit of the trust until the
trust is funded. Because an asset is only governed by the terms of the trust if the trust owns the asset or if the
asset is directed to the trust utilizing a beneficiary designation. So, it’s extremely important if you have a trust to know what is in that trust.