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Is Your Trust Properly Funded?

You may have already taken the important steps to organize your estate plan and establish a revocable living trust, but are you sure that all of your assets are properly funded?

All too often estate planners come across assets in estate administration that never made their way into a trust or they were removed for an important reason, and not added back in. Titling of assets is crucial to the successful operation of your estate plan, and certain assets that you own may not be appropriate for retitling to fund your trust.

If an asset is omitted from your trust, it may require a court petition to have it added to title for administration by a Successor Trustee, or worse yet, it may require a full probate process, substantially defeating the purpose of creating your trust in the first place.

Individuals should review their assets annually to confirm that properties that should be titled to a trust are, trust schedules are up to date, and all beneficiary designations are current. Reviewing your estate plan on a regular basis with your estate planning attorney can ensure that your plan is up to date and will function the way you intend it to, when that time comes.

To setup a consult to review your estate plan with one our our Estate Planning Attorneys or for more information on the creation of an estate plan, please contact your local Estate Planning Attorneys at Chauvel & Glatt. 

The material in this article, provided by Chauvel & Glatt, is designed to provide informative and current information as of the date of the post. It should not be considered, nor is it intended to constitute, legal advice or promise similar outcomes. For information on your particular circumstances, please contact Chauvel & Glatt at 650-573-9500.

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