Don’t Just Sign Trust Documents, Retitle
Even the most thoughtfully designed estate plans can fail when trusts aren’t funded—a common and avoidable oversight. Often, someone works with an attorney to establish a revocable trust. Yet afterward, all or a portion of their assets remain titled in their individual or joint name rather than in the name of the trust. This oversight undermines one of the primary goals of the trust: to avoid probate. The same issue can also occur with irrevocable trusts – neglecting to fund a trust often means an intended gift is incomplete.
Trusts are not a “draft-it-and-forget-it” proposition. When assets are left outside a revocable trust, they typically become subject to probate at death, negating the intended benefits. Probate can be expensive, time-consuming, and public. It may also lead to unnecessary stress and conflict among family members. This oversight results in what can only be described as a disorderly state. Incapacity is also a concern – if you want certain powers to activate and can no longer manage financial and legal decision-making, it can be critical to retitle assets so your designated agents may follow your directions.
While a pour-over may eventually direct stray assets into the trust, the efficiency and control of a trust offer are only fully realized when assets are correctly titled when the trust document is executed. Investment accounts can often be retitled relatively easily. Real estate and other property, however, may require more effort.
Attorneys generally advise individuals to retitle assets after a trust is executed, but they may not follow up to confirm that this crucial step has been completed. Your Wealth Manager can assist with retitling your investment accounts and help you understand which other accounts you’ll need to transfer.
A Quick Note on Real ID Requirements
As of May 7th, a Real ID driver’s license or U.S. passport will be required for domestic air travel. In New York and many other states, obtaining a Real ID requires a physical document that lists your Social Security number.
This is usually simple: a copy of your Social Security card can be requested online through the Social Security Administration. However, there may be an additional step for individuals who were not born U.S. citizens and have since naturalized.
The Department of Homeland Security does not automatically notify the Social Security Administration when someone becomes a U.S. citizen. As a result, citizenship status may need to be verified in person at a Social Security office before a new Social Security card can be issued. That card, in turn, is typically required to apply for a Real and Enhanced ID. You can obtain a complete list of Real ID requirements by visiting your state’s Department of Motor Vehicles website.
Please reach out to your Wealth Manager with questions.
Weekly Commentary
Wealth Planning Commentary – June 16, 2025
Mallon FitzPatrick
Don’t Just Sign Trust Documents, Retitle
Even the most thoughtfully designed estate plans can fail when trusts aren’t funded—a common and avoidable oversight. Often, someone works with an attorney to establish a revocable trust. Yet afterward, all or a portion of their assets remain titled in their individual or joint name rather than in the name of the trust. This oversight undermines one of the primary goals of the trust: to avoid probate. The same issue can also occur with irrevocable trusts – neglecting to fund a trust often means an intended gift is incomplete.
Trusts are not a “draft-it-and-forget-it” proposition. When assets are left outside a revocable trust, they typically become subject to probate at death, negating the intended benefits. Probate can be expensive, time-consuming, and public. It may also lead to unnecessary stress and conflict among family members. This oversight results in what can only be described as a disorderly state. Incapacity is also a concern – if you want certain powers to activate and can no longer manage financial and legal decision-making, it can be critical to retitle assets so your designated agents may follow your directions.
While a pour-over may eventually direct stray assets into the trust, the efficiency and control of a trust offer are only fully realized when assets are correctly titled when the trust document is executed. Investment accounts can often be retitled relatively easily. Real estate and other property, however, may require more effort.
Attorneys generally advise individuals to retitle assets after a trust is executed, but they may not follow up to confirm that this crucial step has been completed. Your Wealth Manager can assist with retitling your investment accounts and help you understand which other accounts you’ll need to transfer.
A Quick Note on Real ID Requirements
As of May 7th, a Real ID driver’s license or U.S. passport will be required for domestic air travel. In New York and many other states, obtaining a Real ID requires a physical document that lists your Social Security number.
This is usually simple: a copy of your Social Security card can be requested online through the Social Security Administration. However, there may be an additional step for individuals who were not born U.S. citizens and have since naturalized.
The Department of Homeland Security does not automatically notify the Social Security Administration when someone becomes a U.S. citizen. As a result, citizenship status may need to be verified in person at a Social Security office before a new Social Security card can be issued. That card, in turn, is typically required to apply for a Real and Enhanced ID. You can obtain a complete list of Real ID requirements by visiting your state’s Department of Motor Vehicles website.
Please reach out to your Wealth Manager with questions.
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