I have been thinking about the estate plan that you created. It includes a revocable living trust. Most of time revocable living trusts are created to avoid probate and plan for disability. We talked about your beneficiaries during your planning sessions and decided to create an asset protection trust for each of them so that the gift you are giving them will be protected from the beneficiary’s creditors and even their divorce.
There is some homework that you were assigned when you created your trust. Your homework was to retitle your financial assets, checking accounts, savings accounts, and brokerage accounts, into your name as trustee for your trust.
Your homework also included changing the designated beneficiary on your life insurance and retirement accounts to you as trustee for your trust.
Did you do your homework? How do you know that you did it correctly?
This homework ensures your trust plan avoids probate, and that you receive all the protections within your trust, including but not limited to asset protection for your beneficiaries.
If you would like me to review how you funded your trust to ensure you are receiving all the benefits and protections of your trust, please call my office and schedule a review of your estate plan. My office number is (907)334-9200.