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Funding Your Trust
Trusts are a valuable and important tool in estate planning. A properly-crafted trust can help you avoid probate, possibly save you money on taxes and ensure your hard-earned assets are distributed and used in the way you intend to during your lifetime and afterwards. Creating a trust is only the beginning of the process; it has to be funded in order for it to be useful. Not funding a trust is similar to having a bank account with a $0.00 balance; it is of no value to you. Here are some tips on how to start funding your trust.
Depending on the type of trust, it can be funded in different ways. For example, a living trust that is revocable can be changed during your lifetime and assets are typically placed in that trust. Although putting assets individually into your living trust takes time and effort, the reward is worth it. A testamentary trust is funded on the death of the grantor with the assets of their estate. Funding your living trust should be a priority and once you have properly addressed it, you can rest comfortably knowing that in the event of incapacity, it is taken care of for you and your loved ones.
Having an estate planning attorney can help you carefully review your assets and determine which should go into the trust. The different types of assets that can be used to fund a living trust include: real estate (residential, business and investment properties), bank accounts, life insurance policies and any investment accounts and securities. Assets are put into the trust by re-titling the asset to include the trust or by revising the designated beneficiaries to include the trust. The type of asset will determine which method is best and most appropriate for you. For example, bank accounts require a title change, but insurance policies require a beneficiary change.
When it comes to funding your living trust and other estate planning needs, having a skilled attorney can help. Here at DAL Law Firm, Attorney Darcel Lobo can advise and assist you in making the best decisions for your estate plan. You can call or text us at (206) 408-8158 for all of your estate planning needs or visit us at www.dallawfirm.com.
Contact us:
19803 1st Avenue S.
Suite 200
Normandy Park, WA 98148T (206) 408-8158
F (206) 374-2810
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