A Trust Only Works If It's Funded

 

If it’s been a while since you signed your estate plan, consider this a friendly reminder to make sure your trust is fully funded.  This means that your key assets (bank accounts, investments, life insurance, vehicles, and real estate) are titled in the name of your trust, or you’ve named your trust as the beneficiary on those assets.

It’s the single best way to ensure all that careful planning you and your attorney did will work exactly as intended.

Also, if you’ve been keeping a list of your assets with your trust documents so that your successor trustee knows where your money is (which I recommend doing), take a few minutes to review and update it. Add any new accounts or property you’ve acquired, and note any accounts you’ve closed or property you’ve sold.

The most beautifully drafted trust can’t do its job unless your assets are actually in it. Keeping things titled correctly now saves your loved ones a world of paperwork later.

If you're a Kirk Estate Planning client and unsure what's been transferred or need help double-checking, send me a message. I'm happy to provide a funding refresher and guidance anytime. 

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Location: Clayton, MO, USA

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