Here's a little-known secret - even if you have a trust - If the title of your assets are not transferred into the name of the trust, your trust is not funded!! And guess what? If your trust is not funded it won't work when your loved ones need it to the most. You will have effectively thrown your time and money away! Now, most lawyers will make sure your real estate title is held in the name of your newly created trust, but what about the rest of your assets? Since most of us are not planning on dying anytime soon we fool ourselves that there is no sense of urgency to make sure our trust is funded! Further, if a trust lists the assets (but title wasn't transferred) there is no way to avoid PROBATE! Mistakenly a lot of people think that if a Trust lists the assets, then, that was enough!
You shouldn't have to worry, and you don't have to. With a fully funded trust you will still be able to control all your assets during your lifetime. However, without full funding, all the benefits of creating a trust can be wiped out! Don't let this happen to you.
Make sure that ALL of your assets are transferred to your TRUST or owned the right way. And if your assets change, make sure you update your trust and title to your new assets.
There are lawyers who don't take the time, have the knowledge, or a system in place to make sure your assets are owned the right way. Truth be told, lawyers are under NO legal duty to make sure trusts get funded and that assets are owned the right way.
However, because your plan is likely to FAIL if your assets aren't owned the right way, I believe I have a moral obligation to make sure my trust clients hold assets the right way! If your trust isn't funded, no one can guarantee it will work.
Why spend money to put a plan in place that will ultimately fail? Nobody wants to throw time and money down the drain! If you take the time to plan, make sure your plan works. We are committed to creating plans that will work when your loved ones need them to the most.