A living trust can be a great way to protect assets and leave something behind for the next generation. However, some people forget to take a crucial step after they make one. They don’t put all of their assets into it! Forgetting to fund a living trust can cause problems for your beneficiaries later on. This is why you should talk to a Woodland Hills trust attorney who will help you establish a trust and use it to safeguard your assets.
What Can I Put in a Living Trust?
It’s not just the big things like homes or large bank accounts that can be used to fund a living trust. You can put all sorts of assets into your living trust, including:
- Real estate and personal property
- Life insurance policies
- Bank and retirement accounts
- Business interests
- Intellectual property
- Furniture, jewelry, and other personal possessions
What Happens If I Forget to Fund a Living Trust?
The benefit of a living trust is that you can avoid a probate process. This is how the courts decide where your assets go, but if you have a trust set up and funded your family can avoid the time and expenses. It’s just one less thing for them to worry about.
If you forget to fund a living trust, any assets that were not inside of it at the time of your death will have to go through the probate process. This means that these assets may not end up with the beneficiaries that you would have chosen. Making a trust and fully funding it ensures that you have control over where your assets end up.
Can an Attorney Help Me Fund a Living Trust?
If you’re not sure exactly how to put certain assets into a trust, your attorney will be more than happy to help you with this process. You can have your lawyer take care of the entire funding process, putting all of your assets into a trust for you. You can also fund a living trust completely by yourself. Many people do a combination, funding the trust with some of their assets and letting their lawyer do the rest of the work. It’s up to you, but know that our law firm is ready to assist you with every part of your estate plan and that this includes funding any kind of trust that you want to establish.
Schedule Your Estate Planning Consultation
When you are ready to learn more about all of the estate planning tools and options available to you, contact the Law Offices of Yacoba Ann Feldman. Our experienced estate planning lawyers can help you figure out if a living trust is a good fit for you and your assets.
