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Attorney Lee Phillips, who specializes in estate planning, explains the importance of funding a living revocable trust to avoid probate. When setting up the trust, it needs to own assets like cars, homes, and bank accounts. Opening a bank account in the trust's name is crucial, but it can be challenging, as banks didn't always understand trusts in the past. Now, most banks are familiar with living revocable trusts and can assist in setting up accounts correctly.