Many people believe that signing a living trust document completes their estate planning. They feel relieved knowing they have avoided probate and protected their family’s future. Unfortunately, creating a trust is only the first step. Without proper funding, your living trust is like an empty safe. It exists, but it holds nothing of value.
An unfunded trust cannot accomplish any of the goals you created it for. Your assets will still go through probate. Your family will face delays and expenses. Your carefully planned distribution instructions will not apply to property you never transferred into the trust.
You can avoid this by working closely with a Yorkville, IL estate planning attorney.
Why Do So Many Trusts Remain Unfunded?
Unfunded trusts are surprisingly common. Many people pay an attorney to create a trust, attend a signing meeting, and then assume the work is done. Some attorneys prepare deeds and account transfer forms but never follow up to ensure clients actually submitted them. Other times, people acquire new assets after creating their trust and forget to add them.