Trust Fund Coordination
A Trust is only as good as the assets you put inside it. Unfortunately, many law firms hand clients a fancy binder and wish them luck. At Blast Legal, we handle the critical step of Trust Funding. We don't just draft the documents; we ensure your real estate is properly deeded into the Trust and guide you through retitling bank accounts, investment portfolios, and business interests. We provide clear instructions for designating beneficiaries on life insurance and retirement accounts so they align with your overall plan. Our goal is to ensure your Trust isn't just an expensive stack of paper, but a fully functional vehicle that actually avoids probate.
Why an "Empty" Trust is Worthless: The Importance of Funding
Imagine buying a state-of-the-art safe to protect your valuables. You bring it home, set the combination, and put it in your closet. But then, you leave your jewelry and cash sitting on the kitchen counter. If a burglar breaks in, the safe does you no good. This is exactly what happens when you create a Revocable Living Trust but fail to "fund" it.
What is "Funding"?
Funding is the process of changing the ownership of your assets to the Trust.
The "Empty Bucket" Problem
If you die and your assets are still in your individual name, they must go through probate, even if you have a Trust. The Trust can only control what it owns. An unfunded trust is like an empty bucket—it can't carry water.
The Safety Net: The "Pour-Over Will"
Even with the best planning, sometimes an asset is forgotten. That is why every Trust-based plan we create includes a "Pour-Over Will." This is a backup will that says, "If I forgot to put anything in my Trust, please put it there now." However, relying on the Pour-Over Will means that specific asset still has to go through probate to get into the Trust. Proper funding avoids this hassle entirely.
Signing your Trust document is not the finish line; it’s the starting line. Funding is the legwork that makes the plan work. At Blast Legal, we ensure you cross the finish line completely.