[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/make-sure-your-revocable-living-trust-is-properly-funded\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/make-sure-your-revocable-living-trust-is-properly-funded\/","headline":"Make Sure Your Revocable Living Trust Is Properly Funded","name":"Make Sure Your Revocable Living Trust Is Properly Funded","description":"You\u2019ve taken the time to plan for the financial well-being of your loved ones and yourself. You\u2019ve created a customized estate plan to address your goals and concerns. Your plan includes one of the most powerful estate planning tools out there, the Revocable Living Trust, which allows your heirs to avoid probate upon your death […]","datePublished":"2022-10-03","dateModified":"2024-04-04","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso, LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso, LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/make-sure-your-revocable-living-trust-is-properly-funded.png","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/make-sure-your-revocable-living-trust-is-properly-funded.png","height":788,"width":940},"url":"https:\/\/www.amorusolaw.com\/blog\/make-sure-your-revocable-living-trust-is-properly-funded\/","about":["Estate Planning"],"wordCount":401,"keywords":["Estate Planning","Revocable Living Trust","Trust Funding"],"articleBody":"You\u2019ve taken the time to plan for the financial well-being of your loved ones and yourself. You\u2019ve created a customized estate plan to address your goals and concerns. Your plan includes one of the most powerful estate planning tools out there, the Revocable Living Trust, which allows your heirs to avoid probate upon your death and provide for management of your assets without interference from the court should you become disabled or otherwise incapacitated.Properly Funding Your Living TrustAll is well and good\u2014unless you have not taken the steps necessary to fund your trust. Without proper funding, your trust is worth no more than the paper it is written on.It\u2019s hard to believe, but many families take the time to create a comprehensive estate plan, together with a\u00a0Revocable Living Trust, then fail to properly fund the trust. And even though a Will may provide that all assets pour over into your trust for further disposition, this takes place only after said assets pass through probate, thereby negating one of the primary benefits of creating the trust in the first place.Another important factor to consider is that assets such as life insurance, individual retirement accounts and pension plans pass to designated beneficiaries. If the trust is not named as the beneficiary of such assets, they will not be held (and protected) by the trust. Likewise, assets held in joint tenancy with rights of survivorship will go to the surviving joint tenant, not the trust. In addition, assets held in your name alone will not go to the trust until probate has been completed, which can take several months, a year, and sometimes even longer.Given all of this, it is extremely important for you to review all of your assets to determine which titles should be changed to your trust. Assets you will want to review, and possibly title to your trust, include all of the following:Bank accountsCertificates of depositInvestment accountsRetirement accountsStocks and bonds held in certificate formReal propertyTangible personal property such as art, rugs, jewelry, vehicles, etc.Promissory notesClosely-held business interestsContact an Experienced New York Estate Planning AttorneyOur estate planning attorneys can counsel you on the best strategies to employ so that your assets are correctly titled and your trust properly funded to achieve your goals and ensure your wishes are carried out."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Make Sure Your Revocable Living Trust Is Properly Funded","item":"https:\/\/www.amorusolaw.com\/blog\/make-sure-your-revocable-living-trust-is-properly-funded\/#breadcrumbitem"}]}]