How to Put Property in a Trust, or Funding a Trust

Because many people do not realize how important it is to correctly put property into a trust (also known as funding a trust), Attorney Lee R. Phillips has published an explanation of what property should and should not be put in a trust on the LegaLees website blog.

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend
Lee R. Phillips

Lee R. Phillips

The best way to describe what goes into a trust is that it is something that you need to sign your name for when you sell it.

Salt Lake City, Utah (PRWEB) February 24, 2014

Legalees.com announces a new article by Attorney Lee R. Phillips entitled, “How to Put Property in a Trust, or Funding a Trust.” It was written to help people understand the types of property that should be held in a trust and how to transfer that property. Even if a trust has been set up, if it is not funded by putting property into it, that property will need to be probated before it can pass on to any heirs after death.

Attorney Phillips cites a rule of thumb to help people know if a certain property should be put into the trust. He says, “Wondering what property to put in a trust? The best way to describe what goes into the trust is that it is something that you need to sign your name for when you sell it.”

In the article Lee Phillips outlines the four common types of property that go into a trust and then gives a step-by step discussion on how to make it happen. He observes, “Ignoring estate planning is like trying to build a house from the roof down. Without this foundation in place, everything collapses; people lose money in the form of probate, state estate taxes, and federal estate taxes. All this could be avoided.”

Mr. Phillips reviews the types of property that should not go into the trust and why. Even more information and the paperwork needed to set up a trust (among many other helps) is included in the LegaLees self-implementation course Accumulation and Preservation of Wealth, which contains everything folks need to take care of their advanced planning and put an effective estate plan in place. It is full of practical legal tools and line-by-line instructions on how to use them so that people can get their estate plan in place.

Mr. Phillips serves as a counselor to the Supreme Court of the United States. He is the author of 11 books, including his latest, Protecting Your Financial Future. He has written hundreds of articles for professional people, assisting them in finding various strategies to use the law to protect their property, save taxes and make additional money. He has also given addresses at thousands of business seminars. He enjoys helping people apply the law, not only to provide asset protection and estate planning, but also to use it to structure businesses and save taxes, helping individuals achieve success.

LegaLees was founded in 1982 by Lee R. Phillips. It is a legal self-help publishing company that produces products designed to help people understand the law. Based on his own personal experiences, Mr. Phillips realized that people needed to be able to understand how the law works so they can direct their own legal professionals. He also saw that people who want to do their own legal work need to be shown how, not just handed a fill-in-the blank form. LegaLees has designed many products to help individuals structure their personal and business affairs. All of the products help the clients protect assets and prevent legal disasters that can strike at any time.


Contact

Follow us on: Contact's Google Plus