Without any additional action, a Trust is simply a legal document. If there are no assets titled under the Trust, then the Trust hasn’t actually been funded. Any assets not titled under the Trust are not controlled by the Trust document. Assets could be nearly anything from investment or bank accounts to houses. There are laws, legal restrictions and tax implications for all types of Trusts. Also, improperly funded Trusts will provide little to no benefit to the beneficiaries. If you are considering a Trust as an estate planning tool, it is essential that you speak with your attorney.
– Emily A. Helmick, Esq.