The importance of funding a revocable trust (“living trust”).
One of the reasons an estate plan includes a revocable trust (sometimes called a living trust) is to bypass the Probate administration process. That is because assets actually in the trust on the date of your death can be transferred to your beneficiaries by your successor trustee without needing the assistance of the Probate Court to do so. The process of transferring your assets from your individual name to the name of your trust is referred to as funding the trust.
In order to accomplish this important purpose of the revocable trust, it is critical to verify that your trust actually has been funded.