Funding Revocable Trust (Client Memorandum)

The Funding Revocable Trust (Client Memorandum) is a legal template that acts as a comprehensive guide for attorneys to assist their clients in the process of funding a revocable trust. A revocable trust is a flexible estate planning tool that allows individuals to manage and distribute their assets during their lifetime and after their death, while maintaining control over those assets. However, for a revocable trust to be effective, it must be properly funded.

This template starts with a client memorandum, which serves as a communication tool between the attorney and the client. It outlines the importance of funding a revocable trust and explains the benefits and potential consequences of not properly funding the trust. The memorandum also provides a detailed overview of the funding process, including the types of assets that can be transferred to the trust, the necessary legal documentation, and potential tax implications.

The template discusses various funding strategies, such as retitling assets, changing beneficiary designations, and assigning debts to the trust. It emphasizes the importance of maintaining accurate records and tracking all assets transferred to the trust. Additionally, it provides guidance on complex assets, such as business interests, real estate, and retirement accounts, and explains the unique considerations and procedures for funding these types of assets.

Throughout the document, the template highlights common pitfalls and challenges that clients may encounter during the funding process. It also includes a checklist for attorneys to ensure that all necessary steps have been properly executed.

Overall, the Funding Revocable Trust (Client Memorandum) template serves as a valuable resource for attorneys to educate and guide their clients through the essential process of funding a revocable trust, ultimately helping clients protect their assets and achieve their estate planning goals.