Join me, a Texas-based estate planning attorney, as I guide you through funding your living trust. In this video, I'll walk you through the steps to effectively transfer your assets into your trust, ensuring it's fully operational and beneficial.
Whether new to estate planning or looking to refine your trust, this video provides valuable insights and practical advice.
"How do I fund the trust?" In other words, "How do I put my assets into my living trust?" Many people are unaware that merely establishing a trust does NOT automatically transfer ownership of assets. A Long-time Texas attorney explains in this video that you need to take specific steps, and Isaac is here to guide you through the steps for funding your living trust.
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Shutt Law Firm's experienced wills and trust attorneys are located in Richardson, TX, and they assist clients locally in Plano, Dallas, and the surrounding areas. Shutt Law Firm's Texas estate planning lawyers assist clients across Texas by offering video and phone meetings. We can help Texans with a testament or Texas living trust.
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🔑 Key Takeaways:
Funding Your Trust is Essential: Creating a living trust is like building an empty vessel. To make it effective, you must fund it by transferring your assets. You need to do so to make sure your trust is useful.
Options for Funding: There are several methods to fund your trust, including transferring real estate through a deed, updating beneficiary designations for financial accounts, or immediately removing your name from an account. Each option has its pros and cons.
Beneficiary Designations are Easy: Utilizing beneficiary designations is a straightforward way to fund your living trust and avoid probate. It can be as simple as updating your financial institution's settings, making it a hassle-free choice.
📝 Step-by-Step Process:
Real Estate: Transfer your homestead into the trust by creating a deed and filing it with the county.
Vehicles: You can either change the ownership on the vehicle title to list the trust as the owner or utilize Texas's transfer-on-death document provided by the DMV.
Funding Financial Accounts: You can fund your trust in three ways: The least recommended is doing nothing and leaving accounts as they are, which could lead to probate.
📋 FAQ:
1. What is the primary purpose of a living trust?
A living trust allows you to manage your assets during your lifetime and ensure a smooth transfer of these assets to your beneficiaries upon your passing while avoiding probate.
2. Is funding a living trust mandatory?
Yes, funding your trust is crucial to make it effective. Without funding, it remains an empty vessel with no control over your assets.
3. Can I fund my living trust on my own?
While it's possible to fund your trust independently, consulting with an estate planning attorney is advisable to ensure you make the right decisions for your unique financial situation.
4. What assets should I prioritize for funding into my trust?
High-value assets like real estate and significant financial accounts are prioritized for funding. Consult with an attorney to determine the best approach for your specific assets.
5. Are there tax implications when funding my trust?
Funding methods can have tax consequences, especially for qualified accounts like 401(k)s and IRAs. Seek professional advice to navigate potential tax issues.
6. What is the difference between a living, revocable, and revocable living trust?
Nothing! Those terms are all used to describe the same thing... a trust that goes into existence during your lifetime that you can change whenever you want.
This video is about How To Fund Your Revocable Living Trust: Guide By Expert Texas Lawyer 2023. But It also covers the following topics:
Fund Living Trust Steps
Living Trust Funding Process
Texas Estate Planning
Video Title: How To Fund Your Revocable Living Trust: Guide By Expert Texas Lawyer 2023 | Isaac Shutt Esq
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