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Attorney Lee Phillips, a Supreme Court counsel specializing in estate planning, emphasizes 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 it. Setting up a bank account in the name of the trust is crucial, although in the past banks may not have understood the concept. Now, most banks are familiar with living revocable trusts and can assist in setting up trust accounts. Properly funding the trust is essential for its effectiveness in estate planning.
