Illinois Estate Planning and Elder Law Blog
In her article, Practical Tips and Tricks on What You Should Do With Your Estate Plan, Julie Garber advises completely funding your revocable living trust so that all of your assets can be managed by the trustee.
Ms. Garber states, ” Many people fail to realize that funding their trust is just as important as creating it. If an asset isn’t titled in the name of the trust, then the trust agreement won’t control what happens to that particular asset . . . . ”
To title an asset in a trust the title of the asset needs to be changed to the trust.
Example: Title to the summer home is currently in “John Smith”. By changing the title to “John Smith and Jane Smith, Trustees, or their successors in trust, under the John Smith Living Trust, dated January 1, 2009, and any amendments thereto” the summer home is titled in the trust.
Ms. Garber also advises, “Don’t listen to anyone other than your estate planning attorney, or you’ll become frustrated and confused. This is by far one of the biggest problems I encounter as an estate planning attorney . . . . If you have a question about your plan or overhear or read something that causes you to have a question about your plan, simply pick up the phone or type an email and ask your estate planning attorney — no one else”.