What does “funding a trust” mean and why is it so important? In this Elder Law Minute, Wes Coulson gives some insight on why it is vitally important, for the safekeeping of your assets, to transfer ownership of the assets you want in your trust – to your trust.
Funding a Trust: Safekeeping your Assets
Hello, I’m Wes Coulson with your Estate Planning and Elder Law Minute. If you have a trust, or if you are considering one, you may have heard the expression “Funding a Trust.” So, what does that mean and why is it so important? Funding a Trust means transferring ownership of the assets that you want to be held within that Trust — into the Trust. How you do that varies by type of assets. That’s something that a good and caring lawyer is going to help you with.
As to why it’s so important, think of a Trust as a Safe, and think about if you buy a Safe but then you leave all of your valuables out on the kitchen table — somebody breaks into the house they’re going to steal everything. That’s not a problem of not having a Safe, it’s a problem of not having things in the Safe. So, if you have a Trust, it’s vitally important that you have it fully funded. Thanks.
For more about trusts, visit these articles:
- What’s the Difference Between a Revocable Trust and an Irrevocable Trust?
- Safeguarding Your Estate Plan
- Finally, Some New Year’s Resolutions You Can Keep!
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 (877)995-6876 or Contact Us and we will get in touch as soon as possible.
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