Sivia Law Funding Assistance
Funding your trust is an essential component of estate planning that shouldn't be overlooked. By working with a knowledgeable professional, you can ensure that your assets are safeguarded and effectively transferred to your loved ones.
Don't delay in taking action to fund your trust and secure your legacy.
Contact our team today to get started!
Identify and Inventory Your Assets
The first step in funding your trust is to identify and inventory all your assets. This includes real estate properties, bank accounts, investment portfolios, life insurance policies, retirement accounts, business interests, and any other valuable possessions. By taking stock of your assets, you gain a comprehensive view of your wealth, enabling you to determine which assets should be transferred into your trust.
Title and Ownership Transfers
Once you have identified your assets, the next crucial step is to transfer the titles and ownership of those assets to your trust. This process varies depending on the type of asset. For example, transferring real estate may involve changing the property's deed, while financial accounts may require updating the beneficiary designations. It's important to consult with an experienced estate planning attorney or advisor to ensure that the necessary legal documents are prepared correctly, adhering to your state's laws.
Regular Review and Updates
Funding your trust is not a one-time event; it requires regular review and updates to accommodate changes in your assets or personal circumstances. Life events such as marriage, divorce, births, deaths, or acquiring new assets necessitate adjustments to your trust. Periodically reviewing your trust and updating it accordingly ensures that your assets remain protected and aligned with your intentions.