Click the icon below to hear Kevin Purcell discuss "The Importance of Trust Funding". One of the most overlooked aspects of proper estate planning, trust funding is the critically important step of transferring title to your assets to your living trust.
As Mr. Purcell explains on the Podcast, trust funding is very technical and should be left to an experienced attorney to accomplish it!
What if your doctor gave you instructions on how to do a kidney transplant? Would you trust that doctor? After all, what could be so difficult about transferring a kidney from one body to another? Bad analogy? We believe that doing an "asset transplant" from your name to that of your trust, while maybe not involving as much blood loss, is nonetheless highly technical and likely to result in serious unintended consequences.
As Mr. Purcell states, "In my nearly 30 years of practice, the number one mistake I see is clients trying to fund their own trusts. The almost inevitable result is that the trust will not be funded, or worse, will be funded incorrectly."
Do you think we are overstating the importance of trust funding? Listen and decide for yourself!
(The podcast is a track taken from a 2002 CD produced by Kevin Purcell entitled "Estate Planning Mythologies").
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