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A Race Against Time: Why Proper Estate Planning—and Trust Funding—Matters
I’ve practiced estate planning in Evanston for many years, and over that time, I’ve met many thoughtful, responsible people who genuinely want to do right by their families. They come to me because they understand that planning for the future is an act of love. But sometimes, despite their good intentions, they delay one crucial step—funding their trusts. One couple I worked with was an illustration of how heartbreaking and stressful it can be when an estate plan is not fully in place. I share their story not to scare you, but to gently encourage you: please don’t wait.
The Planning Was in Place—Almost
John and Marcia were warm, intelligent, and pragmatic people. Several years ago, they had each created a solid living trust, along with all the usual supporting documents—wills, powers of attorney, health care directives. They met with a reputable estate planning attorney at the time and did most of the hard work already. The legal documents were well-drafted and aligned with their goals.
But there was one step they had never completed: they hadn’t actually transferred ownership of their assets into their trusts. In estate planning terms, the trusts were unfunded.
To put it simply, their trusts were like empty boxes. Beautiful boxes, well-made and thoughtfully constructed—but empty. And when Marcia’s health suddenly declined, that oversight created a lot of extra stress in their lives.
Crisis Brings Complexity
When Marcia was diagnosed with a terminal illness, time became precious. They came to my Evanston office not just for legal advice, but because they were overwhelmed. Marcia didn’t have long, and they both knew it. But rather than spend her final weeks focused solely on family, comfort, and peace, John and Marcia found themselves in the middle of a legal and logistical scramble.
Marcia’s trust was designed to minimize taxes, but because the trust was unfunded, it wasn’t going to work and they didn’t know that. To make her trust effective—to allow her assets to be distributed according to her wishes without the delays and costs of probate, and to minimize the tax bill—they needed to fund it. That meant retitling real estate, bank accounts, investment portfolios, and more. Each institution had its own procedures. Some required notarized forms. Others needed medallion signature guarantees. There were frustrating delays, phone calls, appointments, paperwork emailed back and forth, and all this while Marcia was declining quickly.
In the middle of it all, John turned to me and said, “I thought we had taken care of this already.”
It’s a sentence I’ve heard before, and I expect I’ll hear it again.
The Cost of Waiting
John and Marcia weren’t negligent or careless. They had done the hard work of creating their plan. But like many people, they had missed an important step. Funding the trust—transferring assets into it—is essential. Without it, the trust doesn’t “own” anything, and it can’t carry out your wishes. In Marcia’s case, that meant they had to re-title everything in a very short period, under immense emotional stress.
And beyond the logistical and legal stress, there was a deeper cost: the time lost. Instead of spending those last precious days just being together, they were sending in signatures and verifying asset titles. They were having conversations with banks and lawyers, not just with each other. They were filling out forms, not filling their time with family memories.
Making Decisions at the Worst Time
Another challenge John and Marcia faced: making decisions under stress. Because some assets weren’t yet in the trust, they had to consider the implications of transferring them at that late stage. Would there be tax consequences? Would joint ownership or beneficiary designations conflict with the trust’s terms?
These are the kinds of issues that are best handled with a clear head and plenty of time. But time was one thing they didn’t have. So instead of working through these questions at their own pace, they were forced to make fast choices in a deeply emotional moment.
As an estate planning attorney, I can guide people through these issues, and I did a good job of distilling the issues into straightforward choices and recommending what I thought was the best course of action. But I can’t turn back the clock. I can’t give them back the time they lost.
What You Can Do Now
If you have a living trust, you’re already ahead of the game. That’s excellent. But if it’s not properly funded, it may not work the way you expect. Here's what you can do to make sure your plan is complete:
- Review Your Assets Make a list of everything you own—bank accounts, investment accounts, real estate, business interests, insurance policies, retirement plans. Make sure you understand which assets should stay outside the trust and pass with a beneficiary designation, like retirement accounts. If you are not sure, consult with an experienced attorney, because the wrong choice here can also cause problems. Then ask: is this asset titled in the name of my trust? Does this asset have a designated beneficiary?
- Transfer Title Where Appropriate For many assets, especially non-retirement accounts and real estate, you’ll need to formally change ownership to the name of your trust. That can usually be done with the help of your attorney and financial institutions. Do not try to make a deed on your own without legal advice. I have seen many DIY deeds that were drafted incorrectly and give very surprising results.
- Update Beneficiaries Some assets, like your IRAs, can’t be owned by a trust during your lifetime. But IRAs, like life insurance, can still be part of your plan through properly named beneficiaries. Make sure those designations are up to date and coordinated with your overall estate planning strategy.
- Work With a Professional An estate planning attorney in Evanston—or wherever you live—can help you understand which assets should go into the trust and how to handle any complications.
- Revisit Your Plan Regularly Life changes. So do laws. Make it a habit to check in on your estate plan every few years, or after major life events.
Peace of Mind Is the Real Goal
No one likes to think about death. And no one enjoys paperwork. But doing this work now—completing your estate plan and making sure your trust is properly funded—is a profound gift to your loved ones. It means they’ll have clear guidance when they need it most. It means fewer decisions in moments of crisis. It means less time in offices, and more time at bedsides, in backyards, around dinner tables.
John did everything he could for Marcia in those final weeks. He was loving, strong, and present. But I know he wishes they could’ve had more time together without the intrusion of administrative burdens.
I think of them when a new client comes into my Evanston office with a trust that hasn’t been funded. And I gently urge them: let’s take care of this now. Don’t wait until a diagnosis, or an accident, or a crisis makes the work harder than it needs to be.
You’ve already taken the first step by creating a plan. Let’s finish it—so that the people you love can focus on what matters most when the time comes.
Your Next Steps
Don’t leave your estate to chance. Contact me today to schedule a consultation with an experienced estate planning attorney and make sure your wishes are clear, enforceable, and designed to avoid unnecessary complications.
If you have a living trust—or are thinking about creating one—make sure it’s fully funded and legally effective. Contact our Evanston office to schedule a consultation. We’ll help you take care of the details now, so your loved ones aren’t left scrambling later.
