Small Funding Errors Frustrate Trusts

Once you have a trust, be sure all of your accounts are titled in your name as trustee of your trust. If you want to keep your name on the account for some reason, then at least fill out a "pay on death" or "transfer on death" form with your financial institution and list the trust. You do not want your loved ones to be short on cash or not have access to assets, because the accounts remained in your name and a probate is needed.

Have you provided for your loved ones?

Many of us with grown children, rely heavily on our friends and want to leave a legacy to our friends as much as our children and family. To do this, we can use a trust or even pay on death designations on accounts. "POD" accounts are useful but could create confusion if a friend is listed as a POD but our Wills leave everything to our family. Be sure that your Will references that any accounts listing a POD or designated beneficiary go to the named beneficiary, even though the Will directs other assets to go family.