Funding a Michigan Revocable Living Trust
Funding a Michigan Trust
A Trust only controls assets that are transferred into it. If assets remain outside the Trust, they may still require probate—defeating one of the main purposes of creating a Trust.
What Does It Mean to “Fund” a Trust?
Funding means benefitting or transferring ownership of assets into the name of your Trust. If you don’t fund your Trust, your estate may still go through probatevia the Probate Court. Creating a Trust is step one. Funding it is step two—and it is critical. Both steps must be completed!
Assets Commonly Transferred Into a Trust
- Real estate
- Bank accounts
- Investment accounts
- Business interests
- Personal property
Steps to Fund a Michigan Trust
- Real Estate: sign and record a deed transferring the property into the name of the Trust.
- Bank accounts: update account ownership or beneficiary designations.
- Investment accounts: work with your financial institution to change ownership.
- Business Interests: use an assignment document but confirm compliance with any Articles of Incorporation, Bylaws, or Operating Agreement.
- Personal Property: use an assignment of personal property document.
Prime Trust & Wills Platform, LLC
Prime Trust & Wills Platform allows you to easily create your Will, Trust, Power of Attorney, and Healthcare Directive to ensure you get peace of mind, your assets pass to your loved ones, and taxes are minimized or eliminated.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified Michigan estate planning attorney before making decisions based on this content.
