You may be tempted to use one of the online, do-it-yourself tools to create your trust. However, this specific estate planning document can be complicated, especially if your estate comprises mostly complex assets. This is why employing a lawyer to curb potential errors is almost always recommended. Without further ado, read on to discover the common trust mistakes to avoid making and how a seasoned Broward County trust lawyer at The Probate Lawyers can guide you in the right direction.
What are common trust mistakes I should avoid making?
Along with opting for an online, do-it-yourself tool to create your trust, below are other common mistakes that you should avoid making at all costs:
- You should avoid signing the bottom of your trust document before fully comprehending all its terms and conditions: this is because it may be tough to change it once it is set up, especially if it is an irrevocable trust type.
- You should avoid naming a successor trustee who is not completely trustworthy: this is because this individual is made solely responsible for ensuring your assets get into the hands of your desired beneficiaries when the time comes.
- You should avoid holding off on transferring assets into your trust: this is because your trust cannot control all the assets that make up your estate but rather only the assets that fund it.
- You should avoid holding off on keeping your trust up-to-date: this is because any term or condition that is irrelevant or outdated may make your entire trust invalid and unenforceable.
What can I do to fix a mistake with my trust?
The way to fix a mistake made with your trust may depend on the type you established in the first place.
On the one hand, with a revocable trust, you may fill out and file a petition to amend it. On the other hand, though, this may not be a viable option for an irrevocable trust. Rather, you may have to decant it, which means replacing the original trust with a new one and transferring its assets. Or, you may have to obtain beneficiary consent or a court order, but this may only be granted to you on an off chance.
It is also worth mentioning that if your successor trustee is the one who makes the mistake later on, your beneficiaries may be able to fix it by contesting it in court. However, this may be a complicated, drawn-out, and emotionally draining process for your beneficiaries. So this goes back to the point that you should avoid naming a successor trustee who is not completely trustworthy.
This is all to say that the time to act is now. So please pick up the phone and call a competent Broward County estate lawyer from The Probate Lawyers. We look forward to hearing from you.
