The Importance of Funding Your Trust
For many people in Oklahoma, a revocable living trust is a valuable tool to ensure that their finances are well managed during periods of incapacity and that their loved ones are financially secure upon their passing. Funding your trust is a critical component of preparing for your future. Not only does a completely funded trust avoid the court-supervised probate process, it can also make the trust administration process much easier.
If you have properly funded your trust, your successor trustee should have little or no trouble stepping in to manage the accounts and property if you are unable to do so. Accessing your accounts and property will be less complicated for them. This can be extremely important if you are incapacitated and action must be taken right away.
One of the first things your successor trustee must provide your named beneficiaries at your passing is a comprehensive inventory of all the trust’s accounts and property. If the information gathered during the trust funding process is kept up to date, you will leave behind a helpful preliminary list for your trustee to use. This can save the successor trustee a lot of time in the beginning stages of administration.
You obviously care deeply for your loved ones, otherwise, you would not have taken the time to create an estate plan. The last step you need to take is to fund the trust.
Please give us a call if you have any questions about the process. Let’s work together to make sure that your hard work will set up you and your loved ones for a successful future.