Understanding Asset Ownership and Transfers: Core Skills for Trusts & Estates Practice

Session I – Funding a Revocable Trust – James A. Gillis When a revocable trust is created, it must be funded to work as intended. A trust agreement can only directly control assets that are transferred to it. There are four main ways to fund a trust, direct (current) asset transfer, beneficiary designation, testamentary transfer, and exercise of a power of appointment. This session will explore how various assets can be transferred to a revocable trust to help with lifetime disability planning, avoid probate at death, achieve tax and nontax objectives, and create a coherent and logical estate plan. Key…