Creating a trust is a process best done with the support of a Pasadena trust lawyer. But remember, that’s only phase one. A trust is only as powerful as the work done to make it official by transferring assets into the trust with proper titling.
Probate challenges and overall headaches within your estate can be especially problematic for your loved ones. If you recently updated your estate plan as a result of the COVID crisis, don’t skip over this important final step of funding your trust. This is a crucial step in estate planning that many people never attend to or put on the back burner.
Trust funding will help you avoid probate, save on estate taxes, and provide for you in the event of incapacity. If you have already created a revocable trust with the help of an estate planning lawyer, you have the ability to change this document over your lifetime and can fund it while you are still alive.
If you do not transfer assets into the trust during your lifetime, however, then your will must still be probated and an estate executor appointed. This means that the executor holds the responsibility to transfer the assets to your trust which can be uncertain as a result of long and confusing court approval processes. You can make this process much easier for your loved ones and for your ultimate trustee by taking care of funding the trust now.
Ready to take the next step? Set up a meeting today to discuss your action plan for creating a California trust.