You can pat yourself on the back! Most people your age aren’t even thinking about estate planning, so give yourself some credit. You’ve already taken a major step by creating your trust. Now let’s make sure it works when it matters most.

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We’ve created a checklist of important steps to take to ensure your trust works the way it’s supposed to. 

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Step 1: Fund the Trust! 

A trust only works if it owns your assets. That means you’ll need to retitle certain assets into your trust’s name. This part takes extra work, but it’s essential.
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Some common examples of your assets that may need updating:

• Real Estate Property - You’ll need to retitle the deed of your property to the trust as the owner. 
• Financial Accounts - This will include your bank and taxable investment accounts to be retitled in trust name. 

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Consider consulting with your estate planning professional to confirm which assets need to be retitled and how.

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Step 2: Review and Update Beneficiaries

Now it’s time to review how your trust works with other aspects of your estate plan.

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• Your Will - You should make sure the intentions of your will align with your trust. We want them to work together! 
• Retirement Accounts and Life Insurance Policies - These types of accounts may not allow you to retitle them in trust name, and instead, you may want to update the beneficiaries of these accounts to your trust. Your estate planning professional will be able to give more guidance on how to list these accounts. 

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Step 4: Talk to Your Trustee and Loved Ones

Let your key people know:

• That you’ve created a trust
• What role they may play (trustee, successor, beneficiary)
• Where to find the documents

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It doesn’t have to be overly detailed, but clarity now can avoid confusion (or conflict) later.

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Step 5: Check in Annually (or When Life Changes)

Life happens—marriage, kids, moves, job changes, major purchases. All of these could impact your trust.

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We recommend reviewing your trust at least once a year and anytime you:

• Buy or sell property
• Have children
• Start a business
• Move to a new state
• Go through a major life event (marriage, divorce, etc.)

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Creating a trust shows you’re serious about your future—and about making life easier for the people you love. Now that it’s in place, don’t let it gather dust. Keep it up to date, stay organized, and ask for help when needed. 

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As financial planners, we can help make sure your estate plan works seamlessly with the main aspects of your financial plan, such as tax planning, retirement goals, and insurance coverages. To see how we can help navigate you through this process, go ahead and schedule a free consultation with us! 

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Fyooz Financial Planning is a fee-only, fiduciary financial planner based in Minneapolis, MN and Portland, OR, dedicated to helping couples achieve their financial goals. Whether you're planning for retirement, managing investments, or looking for tax-efficient strategies, our experienced team provides personalized guidance.

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Disclaimer: This article is for informational purposes only and is not a recommendation of Fyooz Financial Planning, Natalie Slagle CFP®, or Daniel Slagle CFP®. Past performance may not be indicative of future results and may have been impacted by events and economic conditions that will not prevail in the future. Therefore, it should not be assumed that future performance of any specific security, investment product or investment strategy referenced in the article, either directly or indirectly, will be profitable or equal to the corresponding indicated performance level(s). No portion of the article shall be construed as a solicitation to buy or sell any specific security or investment product or to engage in any particular investment or financial planning strategy. Any reference to a market index is included for illustrative purposes only, as it is not possible to directly invest in an index. Indices are unmanaged, hypothetical vehicles that serve as market indicators and do not account for the deduction of management fees or transaction costs generally associated with investable products, which otherwise have the effect of reducing the performance of an actual investment portfolio.