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Lee Phillips, a Supreme Court counsel and attorney specializing in estate planning, emphasizes the importance of funding a living revocable trust to avoid probate. Funding the trust involves transferring ownership of assets such as cars, homes, boats, bank accounts, and brokerage accounts to the trust. Opening a bank account in the name of the trust is crucial for funding. Phillips notes that in the past, banks may not have understood living revocable trusts, but most now do. Properly funding the trust is essential for its effectiveness in estate planning.
