In this Elder Law Minute, Steven Milburn explains trust funding, why assets must be transferred into a trust, and how failing to fund a trust can undermine your estate plan.
Introduction
Hi, my name is Steven Milburn and I’m a senior associate attorney here at Dent Coulson Elder Law. These Elderlaw minutes are intended to provide you with a framework to address any questions that you may have in your estate planning journey. Thank you.
What Is Trust Funding?
Today we’re here to talk about trust funding.
So, when you establish a trust uh and create it, you aren’t necessarily putting your assets in it at that initial point.
Moving Assets Into Your Trust
So you need to take action to move your assets from your individual name into the name of your trust.
If those assets are not funded to your trust, uh then your trust will not work the way you intended and those assets will not be governed by the terms of the trust.
Why Trust Funding Matters
So it’s really important when you do establish a trust that you’re retitling your assets in the name of that trust.
Keeping Your Trust Updated
Also, if you already have a trust, you want to make sure you’re keeping up with the trust funding and that new or additional assets are also funded to that trust.
Closing
If you need any help with trust funding, you can give us a call at Dent Coulson Elderlaw and we’ll be glad to help you out.
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“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.