
If you’re interested in setting up a trust of your own, you need to make sure that everything is done correctly. A Washtenaw County trusts attorney can help you learn more about how trusts work and tell you which mistakes to avoid. Our law firm is ready to guide you through this process.
Can Paperwork Mistakes Jeopardize My Trust?
Some people make mistakes when setting up their trust. This can be easy to do if you try to do it by yourself or if you choose a cheap attorney who doesn’t have your best interests in mind. When you make mistakes on the paperwork that’s used to set up your trust, you can end up with a trust that does not function in the way you intended. You might even end up with a document that doesn’t have legal standing. Obviously, this can be a problem.
What Mistakes Do People Often Make When Making a Trust?
Another problem is that some people do not carefully look over their trust document. Even if they have help from a qualified attorney and everything has been done carefully, this is a major issue. You need to read over all of your paperwork and make sure that you understand everything. If you don’t, ask your lawyer what something means and they will be glad to clear things up for you.
One of the other mistakes people make when setting up a trust involves their choice of trustee. This is an important role and not just anyone should fill it. You should choose someone responsible and reliable, but you also need to make sure that they are ready for the job. Talk things over with your potential trustee and be sure that they know what they are in for. Also pick a backup trustee, just in case.
What Mistakes Do People Make When Maintaining Their Trusts?
Finally, you need to maintain your trusts and keep it updated. If you have new assets, you need to fund your trust. Any property left out will have to go through the probate process. This is another expense for your family, and one that we are trying to avoid by setting up a trust in the first place.
Other mistakes include not updating the terms of trusts or who should play important roles. You should check in occasionally, like every year or so, to make sure that your trust is still ready to fulfill its intended purpose. If you need to change beneficiaries or choose a new trustee, our experienced estate planning lawyers will make that easy for you.
Talk to an Attorney Today
So if you’re ready to set up a trust or do any other kind of estate planning, contact Collis, Griffor & Hendra. Our experienced attorneys are ready to help you protect your assets and leave something behind for the next generation.