If you want to set up a living trust, you should take your time and make sure that no mistakes are made. Making an error while establishing a trust can cause a variety of problems and make it more difficult for you to properly deal with your assets and pass them down to your loved ones. This is why we recommend talking to a Woodland Hills trust attorney who can walk you through this process and ensure that everything goes right with your living trust.
What Are Some Common Mistakes With Living Trusts?
Living trusts can be tricky, so there are a few mistakes that our estate planning lawyers see frequently. Errors that you want to avoid include:
Picking the wrong trustee: Your trustee is supposed to carry out the instructions of your trust to the best of their ability. If they do not take their responsibilities seriously, they are not a good choice for trustee.
Not funding your trust: Your living trust controls the assets that you put into it. If you forget to keep funding your trust, some of your assets could end up going through the probate process. That is exactly what you were trying to avoid when you set up a living trust in the first place! So be sure that you finish what you started so that you can save your family from additional stress.
Not reading over trust documents: If you let a lawyer set up your trust, make sure that you actually read over any documents properly. If you are confused about anything, ask your lawyer. It is better to learn everything that you need to know now so that you cannot be surprised by something later.
How Can I Avoid Making a Mistake in My Living Trust?
So how do you avoid making some of these common mistakes? You follow our advice when you set up a living trust. We recommend that you:
Take your time: There is no rush to set up your trust. Take your time and make sure that there are no mistakes or misunderstandings.
Know your goals: It also helps to know exactly what you want to get out of a living trust and how you want it to work. This makes it easier to establish a trust that works for you.
Talk to a lawyer: We understand that some people like to just do things themselves and that there are plenty of resources out there on the Internet that can make it seem like setting up a trust yourself is a simple process. It is not a simple process. So just save yourself the hassle and talk to a professional.
Schedule Your Consultation
If you are ready to set up a living trust of your own, contact the Law Offices of Yacoba Ann Feldman. We can schedule an appointment and learn more about your estate planning needs.