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?
- Q: I was adopted when I was 2 years old and I just found out my biological father died without a will. Am I entitled to any portion of his estate now?
- Q: I have been living with my girlfriend for 24 years, but we’ve never gotten officially married. Will my assets automatically pass to her upon my death?
- Q: How is having a living trust like using GPS on your phone to drive somewhere you’ve never been to?
- Q: Should I create a special needs trust for my child who is receiving government benefits?
- Q: Do I still need an Estate Planning Attorney if I only have one child and everyone knows everything gets left to them?