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Dutchess OfficeDon’t forget to fund your trust
Setting up a trust to handle your assets during your lifetime is one element of a good estate plan. A living trust gives instructions as to how your assets should be managed during your life and provides instructions on how they are to be distributed after your death.
While the establishment of a trust is an important step, it is critical to remember to fund your trust on a regular basis. Since a revocable living trust can be modified if necessary to reflect changing needs and goals, there is no reason to stop contributing to it entirely if you are faced with unexpected difficulties or are simply focused on other issues in your life, be they good or bad. An unfunded trust is like a plan for a dream home without any of the materials to build it.
To learn more about New York elder law, New York Estate Planning, NY Elder, and New York Special Needs Planning, visit LittmanKrooks.com.
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