How To Fund Your Trusts

Trusts are powerful tools when designed and implemented correctly. There are many trust advantages. Many individuals and couples seek advice from estate planning lawyer Alexander S. Buchanan about ways to avoid probate and streamline distribution of assets at the end of life. A fundamental concept for ensuring trusts will work as intended is to fund the trusts as soon as possible after creating them.

What does it mean to fund a trust? In a nutshell, it means to give the trust ownership of your assets: bank accounts, brokerage accounts, life insurance policies, retirement funds, real estate properties, motor vehicles and other personal property such as a horse, a boat or a safe deposit box. This will allow a designated trustee (perhaps your spouse, child or best friend) to manage your assets without delay when the time comes.

Who should fund the trust by changing titles to vehicles and real estate? Your attorney can fulfill some of these transactions most effectively. Others, such as the bank account you use every day, you can fund most efficiently yourself. If I am your estate planning lawyer, I can handle real estate deeds and transfer statements for personal property. I can also give you clear instructions on how to fund those parts of the trust that you can complete yourself.

Once your trusts are in place and funded properly, you can enjoy peace of mind. You will have reassurance that when the need arises, the person or people who depend on you will have much less stress, hassle, expense and wait time than would be the case through a will alone.

Learn How To Create Trusts And How To Fund Your Trusts | Contact Alexander S. Buchanan, PLLC, In Nashua, New Hampshire

To request a consultation with a lawyer on probate or estate planning , call 603-882-5129 or send an email inquiry.

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