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
Like life insurance policies, you can simply change the beneficiary designation of your retirement account(s) to the Trust.\u00a0 Whether your Trust should be the primary or secondary beneficiary depends upon your situation and tax laws.\u00a0 Consult your accountant or financial advisor before naming your Trust as the beneficiary of your retirement account.<\/p>\n
Make sure you do not<\/u> retitle any qualified retirement accounts (IRAs, 401(k)s, 403(b)s, or qualified annuities) because that may constitute withdrawal and subject the account to income tax and maybe penalties. \u00a0Again, consult your accountant or financial advisor before naming your Trust the beneficiary of your retirement account.<\/p>\n","protected":false},"excerpt":{"rendered":"
Learn how to fund your trust with retirement 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":"Retirement Accounts","footnotes":""},"categories":[387,386],"tags":[574,391,389,392,41,388,403,65,390,570],"class_list":["post-624","post","type-post","status-publish","format-standard","hentry","category-funding-your-trust","category-islamic-estate-planning","tag-accounts","tag-family-waqf","tag-funding","tag-funding-your-trust","tag-islamic-estate-plan","tag-islamic-trust","tag-retirement","tag-retirement-accounts","tag-trust","tag-your"],"yoast_head":"\n