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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 means transferring ownership of assets like cars, houses, and bank accounts to the trust. Opening a bank account in the name of the trust is crucial for proper funding. In the past, banks often did not understand living revocable trusts, but now most are familiar with them. Trust funding is essential for the trust to achieve its intended purpose of avoiding probate.
