Creating a revocable living trust is only half the job — the trust only controls assets that have been transferred into it. Funding your trust means re-titling assets in the trust’s name. For real estate, this requires recording a new deed. Bank and investment accounts need to be retitled or have the trust named as beneficiary. Retirement accounts typically name the trust as contingent beneficiary. Personal property can be transferred via an assignment document. Any assets left outside the trust at death must go through probate.
At SoMD Estate Planning, we help families across Southern Maryland create comprehensive, personalized plans. Contact us for a free consultation.
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