This article begins with a question and an answer, regarding the funding of a trust and what that means. It uses the analogy of a box that, while functional on its own it is only truly useful when something is put into it. The article explains that trusts are similar, a trust can exist without anything in it, and some people believe its existence is simply enough, but this is simply not so. Real estate, bank accounts, stocks, and cars all have documentation that anoints an owner, generally the person who purchased the item in question, and if ownership is not transferred than it is not in the trust.
The biggest issue people face when deciding to create a trust is what they can put into it and what they should put into it. The article notes that while the items with true value, such as bank accounts and real property, are fairly obvious candidates, it goes on to explore things that many don’t consider. An example used in the article is furniture, which does not necessarily have a document stating who owns it, but that does not prevent any piece of furniture – or all of it – from being placed into a trust. Funding a trust is the second step to creating the trust, and it is what gives the trust value, meaning, and purpose.
