Many people have heard of properly “funding” their trusts. What does this mean? When I speak to clients I give an analogy about what a trust is. I tell them that a trust is like a big suitcase. If you go on vacation and take your suitcase, make sure that it’s full. If you take an empty suitcase, then it does you no good. If you go to the beach, you’ve forgotten your flip-flops, your swimming suit, your shorts, and everything else you need to have a good time. Basically, your vacation is ruined. Well, trusts are the same. If you create a trust and don’t put anything into it, it’s just like that empty suitcase.
“Funding” is just a legal way of saying that all of your assets need to be pointed somewhere. In the case of trust planning, your assets can mean many things. Your house, cars, bank accounts, retirement accounts, investment accounts, and life insurance are all examples of assets. Each asset that you have has specific ways that beneficiaries and ownership should be titled. There are different strategies to help provide better advantages to the client and their heirs. There is not a cookie-cutter way of funding a trust. We have to make sure that your trust includes those assets, and that the assets are titled in the most advantageous way possible. That it is properly “funded”.
Most estate planning attorneys will not help the client fill their suitcase. Most attorneys will put together a set of documents, and then had the client a checklist of things the client must do, without a conversation or much in the way of instructions.
Polaris Law Group does not operate that way. We work with our clients to make sure their trusts are properly funded. We can do this in many ways. Let us help you fill your estate planning suitcase, so that your estate doesn’t end up in probate.
Speak to a St. Charles Trust and Estate Planning Attorney
Polaris Law Group takes pride in offering an effective, full-service experience to our clients. If you want to ensure that you and your family are properly cared for, contact Polaris Law Group’s experienced trust and estate attorneys, Scott Stork and Raymond Chandler today. Scott and Raymond are seasoned estate planning attorneys and are members of the National Network of Estate Planning Attorneys, the National Academy of Elder Law Attorneys, and Elder Counsel. Schedule a meeting by phone or by filling out a quick contact form today.
