There are a variety of individuals who are choosing to place their final affairs in a living trust as opposed to a will, because they offer unique benefits and allow the individual to remain in control of their assets until they pass. However, with living trusts continuing to grow in popularity, there are an overwhelming number of individuals who do not realize that funding your living trust is an extremely important part of the process. Failure to fund your living trust will send your assets to the court system even though you chose a living trust to avoid probate in the first place.
Funding your trust involves transferring your assets to your appointed trust. This means physically changing the titles of each asset from your name to the name of your trust. This is extremely important because this is the only way to avoid probate. In order for your living trust to control your assets once you pass, you must have it funded appropriately.
Funding your living trust is not an extremely daunting task, but it will take some time to ensure accuracy. Depending on the assets you are trying to transfer, it may be as simple as signing a document or it may involve providing a written statement. You may need to provide a proof of your trust, which will entail requesting a certificate of trust from your attorney.
Despite popular misconception, funding your trust is not a complex process. However, it is imperative that you do not procrastinate and make funding your trust a top priority.
Contact Gaudy Law in Upland for all of your California legal needs. Whether you are in need of assistance through the probate process, creating a will or trust, or going over estate planning, we will provide you with the representation you deserve with one of our experienced probate attorneys in Upland.Share