Estate Planning Red Flag – Your revocable trust isn’t fully funded

Description

Abstract: Revocable trusts provide significant benefits, including the ability to avoid probate of the assets they hold and facilitating management of a person’s assets in the event he or she becomes incapacitated. To obtain these benefits, however, the person must fund the trust — that is, transfer title of assets to the trust or designate the trust as the beneficiary of retirement accounts or insurance policies. This brief article explains what happens when the trust isn’t fully funded.