Many Seattle area residents use a revocable trust as part of their estate plan. Revocable trusts transfer assets from individuals into a "trust'" where they simplify a person's assets.
Once a revocable trust is set up it is important for them to be funded in order to receive a revocable trust's maximum benefit. Assets that a person has should be transferred to the fund. An asset by asset review should be completed so that all assets are accounted for and to determine which assets should be transferred to the trust. Investments should be changed so that the trust's name is listed as the owner. Anything that is titled should be re-titled in the name of the trust.
A revocable trust is a good estate planning tool. The benefits of a funded revocable trust include avoiding the time and expense of probate at the time of death. It also reduces the cost of estate administration which leaves more money for your heirs. It protects personal information regarding the amount of your estate and beneficiaries. Anyone can access a probate file as it becomes public record after your death. A revocable trust is only accessible to the people that you select.
Funding a revocable trust can be a valuable estate planning tool for many people. Having control over your assets and transferring them into a trust that will be protected from probate, save administration costs, assist in asset preservation and ensure an estate remains private can be comforting. An attorney who specializes in estate planning can help a person establish a revocable trust and answer any questions.
Source: WRALtechwire.com, "It ain't over 'til it's over'-Use of a funded revocable trust in estate planning," John R. Sloan, Nov. 26, 2014