Coming up with a trust for your loved ones is easy, because it is just a legally binding agreement that you draft. The hard part is making sure you have something to offer in the trust.
The aim of a trust is to transfer property to your beneficiaries or someone else upon your death. When the trust is well-laid out, it works as the perfect vehicle to transfer your assets without much conflict.
However, there is a little catch – for your beneficiary to take advantage of the trust that you set up, you have to transfer the assets that you own to the trust. The best way to do this is to work with your estate planning lawyer to help you fund the trust.
Many people don’t understand the technicalities of funding the trust and end up messing it up. Let us look at the basic principles of setting up this trust.