So You Set Up Your Trust: Now What?
Updated: Mar 17, 2020
If you’re like me, I look for every option to “set it and forget it.”
We live in an automated world and making things easier is a common goal for plenty of people, but sometimes estate planning is not that easy (although contacting our office will make it easier for you.)
Creating the trust and signing the documents is the first stage in making that trust work. A trust doesn’t really exist if you don’t fund it.
When you create a revocable trust, putting assets inside that trust requires retitling the accounts in the name of the trust rather than in your own name. You might also leverage a tool known as a pour-over will to help transfer additional assets from your own name into the trust after you pass away.
Any assets that are not moved into the trust will be subject to the probate process. Given that this is a common reason for people to create a living trust to start with, don’t neglect to follow through with each aspect of funding the trust.
When you create a trust, selecting the trustee to help administer the terms of your trust can’t be ignored, either. Your trustee should be someone you’re confident understands the role and will interact effectively with your beneficiaries when the time comes.
Need help with your first Michigan trust? I’m here to help.