Trusts Attorney in Phoenix, Arizona
Why is it important to fund a trust in alignment with an estate plan?
Why is it important to fund a trust in alignment with an estate plan?
More In This Category
View Transcript
so funding a trust in alignment with the
estate plan is really important in order
to really take advantage of all the
benefits that a trust has to offer so a
lot of clients come to us because they
want a trust set up so that way they can
make their administration of their state
easier on their loved ones and also be
able to provide for themselves if
something were to happen to them and
they were to no longer be able to care
for themselves or pay for their own care
so if you think of a trust as a bucket
you know if it’s an empty bucket then
it’s not going to be as helpful for your
successors to just pass that bucket
along and now they’re reaching and
there’s nothing in there so they need to
go to get each of the assets themselves
to put it in that bucket but if you’ve
done the work during your lifetime of
putting all of your assets into the
bucket then now it becomes a lot more
seamless for your successors to step in
your shoes and be able to manage your
resources either for yourself if you’re
incapacitated or for your loved ones
upon your death so it’s really important
to make sure everything gets funded into
the trust because anything that you
leave outside of the trust will not be
controlled by the trust unless your
successors go through and in uh go
through the court process that we call
Probate um in order to get that asset
titled into the name of the trust so
there’s still a way for the trust to
control the ultimate distribution of
those assets however it just takes more
time and resources to actually get there
versus is if you were to retitle it
during your lifetime
Phoenix, AZ estates & probate attorney Kaylee McMains talks about the importance of funding a trust in alignment with an estate plan.
