While completing a trust can come with a big sigh of relief, there is more to do if the trust is going to work properly. After signing all of the estate plan documents, the next step is to “fund” the trust. “Funding” a trust means the transfer of ownership of assets into the name of the trust – or more accurately the trustee of the trust. Each asset should be evaluated individually to determine the approach necessary to coordinate ownership or beneficiary designations with the goals and objectives of the estate plan. In addition to funding, just like a car needs regular maintenance and upkeep to keep it running well, an estate plan also needs regular maintenance to ensure that it will work effectively when called upon.
At Hallock & Hallock, we can assist you in funding your trust initially and in keeping it up to date going forward. Talk to us about enrolling in our Estate Plan Advantage ™ program to ensure that regular funding and maintenance occurs. The goal is peace of mind and peace in the family with no surprises.
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