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Trust Funding – Failure or Success?
A proper trust is a powerful tool. You can use it to accomplish great things. But unless your trust is “funded” it is nothing more than a probate trap. Not simply worthless, but actually harmful. A new car is wonderful. But without gas in the tank it’s an expensive paper weight. You are going no where.
So, what is “funding”?
You fund your trust by re-titling your assets. Bank accounts, insurance policies, real estate, stocks and bonds. Along with your name as trustee, the asset must also bear the name of your trust. You are not moving your assets to another institution, only making your trust the owner of that asset. This keeps you in full control of your assets or your “Stuff”.
Seems simple doesn’t it?
The reality is that over 96% of trusts fail because they are not funded. Think of that! How many millions of dollars spent on useless, futile documents? How many millions of families condemned to probate, despite their best efforts!
Why so difficult?
So many forms, requirements, rules and regulations. Every investment house, bank, credit union, brokerage, federal & state government agency, butcher, baker, candlestick maker has it’s own form. And it is all on you.
But not anymore…. Your LifePlan™ Funding Coach guides you surely and safely through the funding swamps. Your coach does most of the work, but success comes through partnership. Everyone pitches in!
Why do we invest so much in the funding process? Why so fanatic?
A trust with no assets is a despicable broken promise. Lawyers who neglect this crucial step are dumping you into the probate pit.
And who benefits from that? Your kids? Beneficiaries?
Or the lawyer who now begins billing your family for hour after hour of otherwise unnecessary probate “work”?
How can they get away with such piracy?
Most firms do NOT fund their own trusts, and instead give you a memo instructing you to fund your trust. Other firms push the responsibility onto the client to fund the trust. Not a good solution!
Your LifePlan™ Funding Coach sticks with you until we have written confirmation that each asset is safely in your LifePlan™ trust.