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Don’t Make this Trust Mistake

December 6, 2017

 

Establishing a trust in conjunction with the development of your will is frequently the cornerstone of a person’s estate plan. However, you shouldn’t think that your work is done after you’ve created the trust. This is a crucial first step that should be completed with the guidance of an estate planning attorney but many people forget to fund their revocable trust, which in essence means it doesn’t serve a purpose. No trust can exist unless it also holds assets. avoid this trust mistake

When you put together a revocable trust, you will need to retitle your accounts in the name of the trust and a brokerage firm or financial planner can help you with this. Additional estate planning strategies may be recommended based on your individual needs. An annual review scheduled directly with an estate planning attorney may be necessary to figure out whether or not your current estate planning documents and tools are working as you need them to work.

Many people experience major changes in their life such as the birth of a child, marriage and divorce. All these issues can alter your existing estate plan and therefore, a lawyer should be used to review them in full. Do not hesitate to get help from an experienced estate planning attorney who has years of working directly with people to not only establish trusts but to properly fund them so that they are valid. A regular review with an estate planning lawyer can save you and your loved ones.


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can be of assistance.

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listings and become a part of an amazing team.

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Listen in, Join the Conversation!

Recent Posts
Do You Owe The AMT?

American educational reformer Horace Mann called education “the great equalizer.” In football, it’s been said ...

See more
What is the Value of Your Business?

In the second quarter of 2023, more than 2,300 small businesses were sold. The median ...

See more
Immediate vs. Deferred Annuities

Despite not being as well known as some other retirement tools, annuities account for 6.5% ...

See more