Estate Planning Pitfall – You haven’t properly funded your living trust
Abstract: Probate can be costly and time consuming, and its public nature raises privacy concerns. An effective tool for avoiding probate is a revocable, or “living,” trust. It can also be used to manage assets if one becomes incapacitated. For it to work, one must transfer assets to it that would otherwise go through probate. Once the estate plan is complete, however, it’s easy to overlook the need to transfer later-acquired assets to the trust. This article explains the procedures for transferring assets, and which assets shouldn’t be transferred to a trust.