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Fund Your Living Trust

I can say this every day and it may still not be enough.

Make sure you fund your living trust.

This means transferring title of your real property, bank accounts, investment accounts and business to your living trust. One of the main reasons you created your living trust was to avoid probate. You may have the best living trust in the world, but if your assets have not been transferred to it, your estate may have to go through probate.

My suggestion:

1. Review your property tax bill to confirm the title to your house or other real properties is in your living trust.

2. Review your bank and investment account statements to confirm the title of those accounts is in your living trust.

3. If you own a business, your business interest (sole propriatorship, corporation, LLC, etc) should be assigned to your living trust.

4. We recommend you name your living trust as the primary, or at least the secondary, beneficiary of your life insurance policies. Contact your life insurance company to confirm your beneficiaries.

5. Review the beneficiaries of your retirement plans (IRAs, 401ks, etc). In most cases, you will want to name your spouse as primary beneficiary and your children or living trust as secondary beneficiary.

It’s worth the time to do this.


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