Title to Your Assets Is Most Important Issue

Just because you may have a living trust doesn't mean anything if your assets are not titled in the name of the trust. Not properly funding a trust is one of the biggest reasons trusts fail. Examine title to all your assets. Make sure they are properly titled. Remember that title to an asset trumps any will or trust you might have.

Therefore, make sure your real estate is titled in the name of your living trust.  Your bank accounts and other investment accounts should be in the name of your trust as well. In some cases, assets pass by way of beneficiary.  Make sure to review those beneficiaries every few years.  At times, naming your living trust as the beneficiary of those assets makes sense.  However, you should discuss those designations with your CPA and your lawyer.  You don't want any unexpected surprises.  If you have the appropriate beneficiaries, make sure you've designated contingent or secondary beneficiaries.

Again, a living trust is great, but if nothing is titled in the name of the trust, then all you have is an expensive document.