Morris Hall, PLLC

Estate Planning Attorneys

MakePayment with multiple options
CALL NOW: 1 (888) 222-1328
  • Home
  • Our Firm
    • About Morris Hall
    • Attorneys
    • Our Team
    • Morris Hall Core Values
    • Communities We Serve
      • Arizona
        • Carefree
        • Flagstaff
        • Mesa
        • Oro Valley
        • Phoenix
        • Prescott
        • Scottsdale
        • Sedona
        • Tucson
    • Career Opportunities
  • Our Services
    • Asset Protection
    • Probate
    • Tax Planning
    • Trusts
    • Trust Administration
    • Wills
  • Resources
    • Blog
    • Do I Need an Estate Plan?
    • Elder Law Reports
    • Elder Law Resources
      • Phoenix Elder Law
      • Tucson Elder Law
    • Estate Planning Problems
    • FAQs
    • Probate Resources
      • Probate
      • Flagstaff Probate
      • Phoenix Probate
      • Sedona Probate
      • Tucson Probate
    • Published Books
      • Don’t Go Broke in a Nursing home
      • Tax Free Money for Long-Term Care!
    • Recent Law Changes and Improvements Affecting Arizona
      • Update My Living Trust
    • Reports
    • Videos
    • What to Do When Death Occurs
      • What Not To Do When Someone Dies
      • Who To Contact After A Loved Ones Death
  • Reviews
    • Testimonials
    • Review Us
  • Locations
  • Events
    • Seminars / Webinars
    • Past Webinar Recordings
  • Contact
    • Consultation Policy
    • Contact Us
    • Discounts

I Have to Fund What?

May 15, 2015 by W. Durrell Nielsen Leave a Comment

So you have decided to have a trust created.   But then you hear someone state that you needed to “fund” your trust.   What exactly does that mean?

To “fund the trust” means that your assets have been transferred to your trust.  This may require a deed, an assignment, a beneficiary designation, or a change in title.  Examples may include: (a) deeding your residence to the trust which then shows the trust as the owner of the residence; (b) assigning your personal property (like jewelry household furnishings, etc.) where the trust becomes the owner of such items; (c) changing the secondary beneficiary of your IRA to the trust to receive the IRA proceeds after the death of your spouse; and (d) changing the title of your banking accounts, your brokerage accounts, and other similar accounts to your trust so that the trust is considered as the owner of these accounts.

When all of the foregoing has been accomplished, then it is important to step back and ask this question; “Have I forgotten anything?” Some recent cases of mine have highlighted the importance of asking that question.

In one case, the decedent was a plaintiff in a lawsuit to recover an investment.  But upon the decedent’s death, someone needed to be appointed by a court to act for the decedent.  Thus, a probate was required to have such a person appointed.  What if the action was commenced in the name of the trust, would the probate have been avoided?  Yes, if the decedent’s claim was assigned to the trust prior to death and the lawsuit was commenced on behalf of the trust.

Another example involved a joint tenancy with right of survivorship in a residence.  The spouse died, followed a few months later by the other spouse.  A probate had to be opened for each spouse to have someone appointed to sign the necessary deed and documents to transfer title.  Could this have been avoided?  Yes, if the residence had been owned by one or both of the spouses in a trust – and yes, they even each had a trust.

So, to “fund the trust” is a very important and critical step in the estate planning process.  How are you doing?

 Contributed by Morris Hall, PLLC Phoenix estate planning attorney and partner, W. Durrell Nielsen.

Why Choose Morris Hall, PLLC:
You have a number of options when it comes to estate planning, so why pick Morris Hall?  First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters.  Also, Morris Hall is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones.  We are one of only three firms in Arizona that belong to the AAEPA and are the only firm in that has been granted membership.  If you have assets and loved ones that you want to protect, you are in good hands with Morris Hall.  Contact us today at 888.222.1328 to schedule an appointment!

This blog should be used for informational purposes only.  It does not create an attorney-client relationship with any reader and should not be construed as legal advice.  If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.

  • Author
  • Recent Posts
W. Durrell Nielsen
Latest posts by W. Durrell Nielsen (see all)
  • I Have to Fund What? - May 15, 2015

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

MH logo

Main Office

7600 N 16th St, Ste 105

Phoenix, AZ 85020

Phone: 602-249-1328

Fax: 602-248-2887

Subscribe to Our Newsletter

For a sample Click Here

Offices

Our law firm proudly serves many areas in Arizona. See all of our locations here.

Our law firm proudly serves the state of Arizona.  See all of our locations here.

Toll Free: 888-222-1328

Mon-Thur: 8:00am – 5:00pm
Fri: 8:00am – 4:00pm

  • Linkedin
  • Twitter
  • Facebook
  • Youtube
  • Instagram

Need an Estate Planning Lawyer in Arizona?

Looking for an estate planning attorney near you? We have office locations in Phoenix, Mesa, Chandler, Scottsdale, West Valley, Carefree, Prescott, Sedona, Flagstaff, Tucson, and Oro Valley in Arizona so please visit us at the location that is closest to you.

  • © 2023 American Academy of Estate Planning Attorneys, Inc All rights reserved.
  • Disclaimer