04/21/2026
"But I have a Trust, I won't go through probate."
Oh yes you definitely will if you forgot to properly fund your trust! When you create an estate plan, the documents only protect what has actually been transferred into the trust. What does this mean? For real property, it means a new grant deed was drafted and recorded with the county recorded, naming you (and your spouse, if applicable) as trustee(s) of your trust. When you work with an attorney, this step will almost always be done for you. Congratulations, your property has now been transferred into your Trust.
But what about all of your financial accounts? Well unfortunately that part is up to you, and more often than not, people forget to do this step. If you die and haven't named payable-on-death beneficiaries AND you forgot to transfer your accounts into your trust, your estate will now be forced to have those accounts go through probate.
I always suggest having one checking account re-titled to the name of the trust, which is done by bringing your Certification of Trust to your bank and making the request. For other checking and savings, make the Trust the payable-on-death beneficiary.
DO NOT transfer retirement or investment accounts to the trust, as this will constitute a taxable event and you will lose lots of money. Instead, name someone you trust as your payable-on-death beneficiary, and make the trust a contingent beneficiary. This adds a double layer of protection.
When in doubt, contact an estate planning lawyer. And please, I know working with a lawyer is more expensive, but creating your own estate plan will cost you thousands in the long run. Making the one-time investment to secure your legacy is far cheaper than making a mistake in your drafting that an attorney knows not to make!
