Funding Your Living Trust

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Once you have signed your living trust document, the next step is to change titles and beneficiary designations to your trust. This is called "funding" your living trust. This is probably the most important step in preparing a living trust. If you have signed your living trust document but haven't changed titles and beneficiary designations, you've simply wasted your money. You may have a great trust, but until you fund it, it doesn't control anything - because your living trust can only control the assets you put into it.

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Living Trusts

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A will may not be the best plan for you and your family - primarily because a will does not avoid probate when you die. A will must be filed with the probate court before it can be enforced. Also, because a will can only go into effect after you die, it provides no protection if you become physically or mentally incapacitated. Therefore a guardianship proceeding with the probate court would be necessary to manage your assets. Fortunately, there is a simple and proven alternative to a will - the revocable living trust. It avoids probate, and lets you keep control of your assets while you are living - even if you become incapacitated - and after you die.

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Estate Taxes

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Depending on how much you own when you die, your estate may have to pay estate taxes before your assets can be fully distributed. Estate taxes are different from, and in addition to, probate expenses (which can be avoided with a revocable living trust) and final income taxes (on income you receive in the year you die). Some states also have their own death/inheritance taxes.

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Naming A Beneficiary For Your IRA

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While you should start with the general premise that all titles and beneficiary designations should be changed to your living trust, there are a few assets that you may not want in, or cannot be placed into, your living trust. Here are some you may own. 

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