Faqs

A Trust only has authority over the assets that are specifically transferred to the Trust (also known as “funding” the Trust). A Pour Over Will directs that any assets not already in your trust at the time of your death should be transferred to the trust (i.e. “poured over” into the Trust). This ensures all your assets are distributed according to the Trust's terms.

How do I fund a Trust, and what assets should I include?

Funding a trust is the process of transferring assets from your personal ownership into the ownership of the trust. This is a crucial step because a trust can only control and distribute assets that it owns. Without proper funding, the trust may not achieve your intended goals, such as avoiding probate or providing for your beneficiaries. To fund a trust, you must change the ownership or beneficiary designations of your assets to the trust. The specific process for doing this varies depending on the type of asset. Here are some examples:

1. Real estate: To transfer real estate to a trust, you’ll need to execute and record a new deed showing the trust as the owner.

2. Bank accounts: You can change the ownership of your checking, savings, and money market accounts by working with your bank to update the account titling to the name of the trust.

3. Investment accounts: Contact your financial institution or investment manager to update the ownership of your brokerage, mutual fund, and other investment accounts to the trust.

4. Personal property: You can transfer personal property, such as artwork, jewelry, or collectibles, to the trust by signing an assignment of ownership document or bill of sale.

5. Business interests: Depending on the type of business entity, you may need to update partnership agreements, corporate bylaws, or other legal documents to reflect the trust's ownership.

As for what assets to include in your trust, it depends on your specific goals and circumstances. Generally, you’ll want to include assets that would otherwise be subject to probate, such as real estate and personal property. You may also want to include assets that generate income, such as rental properties or investments, to help provide for your beneficiaries.

However, some assets may not be suitable for a trust or may have other considerations. For example:

1. Retirement accounts (e.g., 401(k)s, IRAs) have specific tax rules and beneficiary designation requirements. In most cases, it's better to name individuals as beneficiaries rather than the trust.

2. Life insurance policies with named beneficiaries will pass directly to those beneficiaries outside of probate, so it may not be necessary to transfer them to the trust.

3. Assets with low value or sentimental value, such as personal effects or family heirlooms, may not need to be included in the trust.

Probate is the legal process of administering your estate after your death. It can be time-consuming and expensive. 

Using a trust and proper beneficiary designations can help avoid or minimize probate.

Yes, our platform provides online access to your estate plan, allowing you to view and download your documents at any time. You can also securely share your plan with loved ones and trusted advisors through the platform.