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Understanding the Two Key Timelines: Drafting vs. Funding
On average, the drafting and signing of a revocable living trust document typically takes about 2 to 4 weeks at Davidov Law Group. However, the total time to fully complete your estate plan, which includes the crucial step of funding the trust, can take anywhere from a few additional weeks up to 6 months depending on the complexity of your assets and personal pace.
This is a relaxed pace; if there is an emergency, such as a terminally ill client, the entire process can be sped up.
Davidov Law Group offers flat-fee pricing for all services, providing certainty and avoiding unexpected costs, a key differentiator since 2001.
You and your family are protected the moment that you sign your living trust document. It is effective immediately. Funding takes longer.
Funding refers to the transfer of assets into your living trust or changing the beneficiary designation on life insurance, retirement accounts, and annuities.
Funding can take awhile because you need to send out letters of instruction and fill out forms.
How Long Does Trust Funding Really Take?
It’s important that you don’t take it for granted that an asset is funded, unless you receive written confirmation that the change in title and/or beneficiary designation has been made. Sometimes paperwork disappears.
Keep a list of all your assets, designating which assets have been funded. Keep proof of your funding in the same file with all your important documents.
What type of proof is needed for a revocable living trust?
Proof would include a change of beneficiary statement listing current beneficiaries or a quarterly financial statement from an investment, showing the name of your trust, not your name and not joint names with a spouse. You can likely look online to confirm funding of accounts.
Just keep a copy of your most recent statements. It’s important that your loved ones know of all of your assets because there are $32.9 billion in unclaimed assets; don’t let yours be among those.
In addition, funding is essential to an estate plan that works. Your trustee and trust only control those assets funded into your trust. This is extremely important if you become incapacitated and when you die.
The Davidov Difference: Our Fixed-Fee Process
If you have questions about setting up and funding a revocable living trust, consult with a qualified estate planning attorney. As husband-and-wife attorneys, Ilana and Michael Davidov have offered comprehensive legal and financial planning under one roof since 2001. Our passion for estate planning began after experiencing firsthand the chaos and devastation that comes without proper planning, inspiring our commitment to help your family achieve peace of mind.
