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LSDefine

Simple English definitions for legal terms

funding a trust

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A quick definition of funding a trust:

Funding a trust means putting your things into a special container that keeps them safe. This container is called a living trust. You can choose when to put your things into the trust, but some people like to do it right away in case something happens to them. Big things like houses and stocks are easy to put into the trust, but other things like money in the bank or special things like jewelry need special forms. It's important to make sure everything you want in the trust is put in there so that it can be taken care of the way you want it to be.

A more thorough explanation:

Funding a trust is the process of transferring assets to a living trust after it has been created. This means that the owner of the assets, also known as the trustor, transfers ownership and control of their assets to the trust and trustee. The trustor may choose to add assets to the trust over time, but it is important to transfer all desired assets to the trust to avoid probate.

  • Real estate: The trustor can transfer ownership of their home to the trust by changing the deed to the name of the trust.
  • Securities: The trustor can transfer ownership of stocks and bonds to the trust by changing the ownership documents to the name of the trust.
  • Bank accounts: The trustor can transfer ownership of their bank accounts to the trust by changing the account name to the name of the trust.
  • Antiques: The trustor can transfer ownership of their antiques to the trust by completing an assignment of property form.

These examples illustrate how different types of assets can be transferred to a living trust. It is important to properly transfer ownership of all desired assets to the trust to avoid probate and ensure that the assets are distributed according to the trustor's wishes.

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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