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Estate planning includes funding a trust

| Nov 10, 2020 | Estate Planning |

Creating an estate plan is one of the most responsible things that anyone can do. New Hampshire residents who want to ensure that their wishes are met after their incapacitation or death regarding their own care take the step of including a living trust in the plan. However, funding that trust is one of the most important yet frequently missed steps for estate planners.

Check real estate deeds

It is important that the person filling out the estate plan verifies, in writing, that all of the property that they own is in their name in the deeds. Once that has been verified, they can add the name of the person whom they want to name in the living trust as the heir to that property. Ensuring that the name of the trustor and the trustee are accurate on all deeds is of utmost importance.

Examine life insurance policies and annuity

Most insurance beneficiary policies require there to be a list of primary and contingent beneficiaries. There have recently been changes made to the rules concerning annuity beneficiaries, so it is wise to seek legal counsel in addition to speaking with other financial professionals to help finalize this type of plan.

Review financial statements

It is not a foreign concept that the primary purpose of a trust is to distribute financial assets. Any financial statements that aren’t related to an IRA or a retirement plan should be inspected and verified that the person creating the estate plan is the owner. This will ensure that they have the full legal right to distribute those funds however they see fit.

When creating a new estate plan or updating an existing one, it may be beneficial to work with an attorney. This attorney may help their client gather information about their assets, fill out the necessary forms and ensure that all of their wishes are met.

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