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Did You Properly Fund Your Trust?
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by Joan M.Grimes, Esq. and Jennifer L.Wallis, Esq.
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You went to see an estate planning attorney and you established your Revocable Living Trust. Yah! You are all done! Right? Many clients think that is all they need to do. Unfortunately, they are often missing the most important step: funding! After you establish your Revocable Living Trust, it must be funded. To fund your Trust, you or your attorney must re-title your assets to properly reflect that the asset has been transferred to your Trust. Are my Assets in my Trust? Here are the steps to check to see if your assets are in your Trust: Identify Your Trust Name – Every Trust has a name and establishment date. Generally, your Trust name and date will be included on the first page of your Trust. Read your name carefully. Every word is important! Here is an example. Let’s pretend my Trust name is Joan Grimes, Trustee of the Grimes Living Trust dated January 1, 2018. If an asset is titled as Joan Grimes, Trustee of the Grimes Family Trust dated January 1, 2018, it may cause problems! The name and date must match perfectly! Check Your Grant Deed – Check your grant deed and read it carefully to see if it lists your name or Trust. If your Trust name is listed, make sure every word matches your Trust name and date. If only your name is listed, your property is NOT in your Trust. Check Your Bank and Brokerage Statements – The easiest way to tell whether your bank or brokerage accounts have been transferred to your Trust, is to check the name in the top left corner (where your name and address are generally listed). Look to see if your Trust name is included. Business Interests, LLCs – Depending on your circumstances, you may have assigned your business interest or LLC to your Trust. If you wish to assign your interest, you should discuss this with
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an attorney to ensure that the governing documents authorize the transfer. Retirement Accounts and Life Insurance Policies – Retirement accounts and life insurance policies are not generally transferred into a Revocable Living Trust because it can trigger certain tax consequences (however, there are sometimes exceptions to this general rule). If you wish to learn more, you should review these assets with an attorney to determine whether transferring them to your Trust is appropriate for you. What Happens if I Die and My Trust is Not Properly Funded? If your Trust has not been properly funded when you die, your beneficiaries may be required to open a probate to transfer the asset. Probates in California are very expensive and can often take over a year to complete. Conclusion: Check your assets to see if they have been properly transferred to your Trust! Some estate planning attorneys will fund your Trust for you. However, it is important to check all of your assets (particularly assets you have acquired since establishing your Trust) to ensure they have been properly transferred. If you would like me to review your Trust, I meet with clients Monday - Friday for a FREE 30 minute consultation. We have offices in Walnut Creek and Brentwood. This article provides only general legal information, and not specific legal advice. Information contained is not a substitute for a personal consultation with an attorney. LAW OFFICE OF JOAN GRIMES, PHONE (925) 939-1680, 1600 S. MAIN STREET, SUITE 100, WALNUT CREEK, CA 94596; 191 SAND CREEK ROAD, SUITE 220, BRENTWOOD, CA 94513 © 2018 Joan Grimes
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