A: Trust funding is the process of transferring assets into a trust. After creating a trust, the next step is to ‘fund’ the trust with assets. This could involve moving money into a bank or investment account held in the trust’s name and transferring titles of properties to the trust. The trust only has authority over the assets that have been formally transferred to it. If assets aren’t properly funded to the trust, they won’t be part of the trust estate, which could unfortunately lead to a probate.
Q: What does trust funding mean?
by Rose Law Firm of Napa Valley, Inc. | Aug 2, 2023 | Estate Planning, Q&A |
Categories
- Annual and Lifetime Gift Tax Exclusions (8)
- Business (10)
- Conservatorships (2)
- Español (3)
- Estate Planning (200)
- Joint Tenancy (3)
- Q&A (231)
- Succession Plan (4)
- Title and Deeds (28)
- Trust And Estate Administration (78)
Recent Posts
- Q: I already have a trust and I am going to open a new bank account. How can I make sure that new bank account is part of my new trust estate and that it doesn’t end up in probate?
- Q: What is a double step-up in basis, and why is it a big deal for married couples in California?
- Q: Do I have to re-title both of my cars into my trust?
- Q: Is a child who cares for an elderly parent entitled to more of the estate after that parent passes?
- Q: What is the legal “Magic Eraser” that can undo property transfers inadvertently triggering a property tax reassessment?
Connect with us
Pay Online Here
