Once the owner of the asset has died, probate court is the legal process needed to take their name off the title of an asset and put it in the new owner's name. Learn more about probate here . Putting your children's name on your property does not avoid probate, rather it only puts it off for a few more years. To learn more about joint tenancy and why it is a poor option click here . For a trust to be effective it has to own title to the property or asset.
Funding is the process of transferring the name on accounts or property to the name of the trust.
You or you and your spouse can be the primary trustees receiving full control to buy, sell, borrow or transfer in the case of a spouse's death. After both spouses pass, the trust identifies the person who will act as successor trustee. The trust gives that person the right to manage all assets on behalf of your wishes made known in the trust document. Remember , you and your spouse will decide who will manage all affairs. To better understand the trust, we thought it would be important to explain the different roles of the people who would be involved.