Caroline Piehl, CFP® covers 2 reasons to set up a trust:
#1: To put guardrails around beneficiaries spending the assets.
#2: To avoid probate.
To fund the trust, let's look at two buckets of assets you may have: retirement accounts and after-tax assets.
#1: Retirement Accounts - To avoid triggering a tax event while funding your trust, you can fund it by updating your beneficiaries (ensuring the trust is listed as one) on your retirement accounts
#2: After-Tax Assets - You can retitle the accounts into a trust or add a TOD with the trust listed as a beneficiary.
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