The law firm of Cortes, based in Oklahoma City, Oklahoma, detailed the role of a trustee funding attorney in a recent blog post. Trust funding is an important step in setting up a trust fund. It involves the transfer of ownership of assets that are in the name of the trustor or in common names with others. The settlor is the trustor, trust maker or grantor, i.e. the person who establishes a trust. That Trust Funding Attorney for the Law Firm of Cortes assists in renaming the fortune to the settler’s Living Trust name. This may involve naming the trust as the primary or secondary beneficiary of the assets that have no named beneficiaries.

It is important to note that these rules only apply to a revocable living trust and not to an irrevocable trust. The settlor does not have the right to act as trustee for an irrevocable trust and cannot redeem assets after they have already been paid into the irrevocable trust.

Funding a revocable living trust ensures that the trustor’s assets are subject to the terms of the trust deed. This ensures that the chosen successor trustee will be able to administer the assets held on behalf of the trust in the event the settler becomes incapacitated. This means that the successor trustee then has the right to transfer the accounts held on behalf of the trust to the ultimate beneficiaries specified in the trust deed should the settlor die.

The trustor cannot simply sign the trust deed and expect the revocable living trust to do its job as it pleases. It is important that the settlor deposits his assets into the trust after signing the agreement. If not, the trust is useless. Funding a trust means that the settlor transfers ownership to the trust. And the way this works depends on the type of asset being transferred. Titled property, such as a car, motorcycle, boat, or airplane, requires a…