After your Trust is signed, you must take steps to fund it with your Trust Property.\u00a0 If you do not fund the Trust with your Trust Property, the Trust may not be effective, and your estate may have to go through probate upon your death.<\/p>\n
Your bank can tell you how savings, checking, and money market accounts can be titled in the name of your Trust. It may require closing the account and opening a new account in the name of the Trust. With most banks, you can bring your Islamic Trust or a Certification of Trust (which is a summary of your trust, keeping most of the provisions private) to your local branch and they will assist you in transferring the account to the Islamic Trust.\u00a0 A Certification of Trust is included in your Islamic Trust-based Estate Plan.<\/p>\n
If your bank requires a letter detailing the transfer, a sample letter may be found in your Trust Funding Guide, which is also included in your purchase.<\/p>\n
Some accounts also allow a trust to be named as a beneficiary of the account.\u00a0 Call your bank to discuss your options.<\/p>\n","protected":false},"excerpt":{"rendered":"
Learn how to fund your trust with bank accounts for Muslim Americans. Islamic estate planning explained.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"banner_title":"Funding your Trust","banner_subtitle":"Bank Accounts","footnotes":""},"categories":[387,386],"tags":[574,575,395,391,389,392,41,388,390,570],"class_list":["post-610","post","type-post","status-publish","format-standard","hentry","category-funding-your-trust","category-islamic-estate-planning","tag-accounts","tag-bank","tag-bank-accounts","tag-family-waqf","tag-funding","tag-funding-your-trust","tag-islamic-estate-plan","tag-islamic-trust","tag-trust","tag-your"],"yoast_head":"\n