In order for a trust to work properly it must be properly funded and the funding must be maintained. A trust is able to protect your assets from Probate, allow your named trustee to act on your behalf and eventually distribute your assets to your named beneficiaries when it is funded. This means that all of your assets are titled into the name of your trust.

One of the most common mishaps we see is when individuals refinance their homes. When refinancing you take title of your home out of the name of trust and put it into your name as an individual until the process is complete. Once the refinance is done, you should always verify that your property has been retitled back into the name of your trust, if this step is forgotten then your property will go through Probate when you pass away.

You can think of your trust as a treasure chest. Once you create the chest you need to place your treasures or your assets into this chest in order for them to be protected. If you pass away and you have an asset not properly titled it will go through Probate and it’s important to add new assets as you acquire them in addition to ensuring that any current assets are titled in the name of your trust.

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