What To Do After Establishing Your Revocable Trust

Creating a revocable trust is a wise decision in managing your estate. However, the journey doesn’t stop there. Here’s what you should do next to ensure your estate is handled exactly as you wish.

 Step 1: Adding Your Assets to the Trust

Once your trust is set up, you must transfer your assets into it. This process, known as funding the trust, involves changing the ownership of your properties and accounts to the name of the trust. This change doesn’t affect your control over these assets. You still manage them as before. Properly funding your trust ensures your assets are distributed smoothly to your chosen beneficiaries without the need for court intervention.

 What Assets Belong in Your Trust?

Your trust can hold various assets, including bank accounts, investments, real estate, and more. It’s important to make sure everything that you want protected by the trust is properly transferred into it. When it comes to real estate, ensure you’re the clear owner before transferring, to avoid any issues with the title.

 Is a Lawyer Necessary for This Process?

While you might wonder if a lawyer is needed to fund your trust, the answer varies. While many steps can be completed on your own following a lawyer’s instructions, having legal guidance can ensure the process is done correctly and efficiently, especially for more complex assets.

 Safeguarding Your Trust Document

After your trust is active, keep the trust document in a secure yet accessible place. Inform someone you trust about its location so it can be easily found when needed. Storing it in a home safe that a trusted person can access is a practical solution.

 Regularly Reviewing Your Trust

Life changes, and so might your estate plan needs. Regular reviews of your trust document ensure it continues to reflect your current wishes and circumstances. It’s advisable to review your trust at least every few years or after significant life events to ensure it remains up-to-date.

Following these steps after establishing your revocable trust is crucial in ensuring your estate is managed according to your wishes. Regular oversight and updates will keep your estate plan aligned with your goals. If you have any concerns or need assistance, seeking professional advice is always beneficial.

Ready to ensure your estate planning is on the right track?

Contact Jonathan Alexander, the owner and a seasoned estate planning attorney, for more information and to schedule your consultation. With expertise and personalized advice, Jonathan can help you secure your legacy and provide peace of mind for you and your loved ones.

Don’t wait to take control of your estate planning.

Call (949) 334-7823 today to discuss how we can tailor your estate plan to meet your specific needs and objectives. Together, we can ensure your future is well-protected.