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Funding your living trust after you pass away

For those building an estate plan, the sheer number of options available can seem overwhelming. Estate planning is a very complex field, with numerous financial products and tools to consider.

Many individuals prefer to use living trusts for their flexibility and considerable protections. However, it is not always simple to know when exactly to fund a living trust.

It is possible to set up a pour-over will that works in tandem with a living trust, placing unassigned assets within the trust only after you pass away. In this way, you do not face the hassle of funding and managing the trust as closely as you might otherwise. It is important to understand that this method may prevent you from taking advantage of some of the most desirable protections that trusts offer.

When a person passes away with a living trust funded by a pour-over will, any assets not directed to specific beneficiaries transfer or "pour over" into the living trust. However, by waiting to fund the trust until after you pass away, you may have to submit your assets to probate instead of protecting some or all of your assets from probate by funding the trust before you pass away.

If you're ready to build the estate plan that fits your needs and priorities, be sure to obtain all the guidance that you need to enjoy all the benefits and protections available. An attorney with experience in estate planning in Florida can help you navigate complex state and federal estate planning laws and create lasting protections for your estate and those you love.

Source: FindLaw, "How Do I Put Money and Other Assets in a Living Trust?," accessed Feb. 02, 2018

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