“Many believe once you have a trust your planning is done, which is a big (and common) mistake. Creating the trust is an important step, but leaving it unfunded can turn a carefully prepared estate plan into a ghost of what it was intended to be. You must change the title of your assets from your individual name to the name of your revocable trust for your trust to control those assets. This change in title generally has no effect on you, your tax liabilities or your exposure to creditors. However, by changing title of assets to your trust, when you pass away the terms of the trust control where the assets pass, not the probate process. For example, a typical title change for your Benjamin F. Edwards brokerage account would change from ‘John P. Client’ to ‘John P. Client, trustee of the John P. Client Trust.’ While this step seems nominal, it is actually gigantic.”
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● “Scary Financial Mistakes: Failing to Fund Your Trust Could Be a Grave Mistake,” AdvisorHub, 10/1/26:
ARTICLE LINK: https://www.advisorhub.com/resources/scary-financial-mistakes-failing-to-fund-your-trust-could-be-a-grave-mistake/
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