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Attorney Lee Phillips, a Supreme Court counsel, discusses the importance of funding a living revocable trust to avoid probate. Funding the trust involves transferring ownership of assets such as cars, houses, bank accounts, etc. Creating a bank account in the trust's name is crucial for this process. Initially, banks may have been unfamiliar with living revocable trusts, but nowadays, most banks understand the process. Properly funding the trust is essential for its effectiveness in estate planning.
