Funding a trust involves transferring assets from an individual’s ownership to the trust itself. Once created, a revocable living trust acts as a separate legal entity capable of owning property and assets. This process, known as funding, is essential for avoiding probate and ensuring that the estate is distributed according to the grantor’s wishes.

To verify if a trust is funded properly, it’s crucial to develop a list of all the assets that need to be funded and check if they are properly titled in the trust’s name. Trust funding is different depending on the type of assets that a person has. For instance, insurance policies and retirement benefits will need to have the beneficiary designations changed to include the trust as the beneficiary. Assets like savings accounts and investment accounts will need to be transferred into the name of the trust while the grantor is alive.  Consulting with professionals, such as estate planning attorneys or financial advisors, can provide valuable assistance in understanding the funding status and ensuring the trust’s effectiveness.

If you have concerns about the funding status of your trust or need guidance in estate planning matters, don’t hesitate to reach out to our office. Our team at Roth Elder Law has significant experience in trust funding and estate planning, and we’re here to help you navigate these complexities. Contact us at 607-962-6162 or complete the intake form on our website to schedule a consultation.