Maybe you’ve looked into estate planning and have come the conclusion that you would benefit from creating a living trust. Congratulations, you’ve taken a step that many people never get around to taking. You’ve also chosen to take advantage of an opportunity that goes wasted for far too many.
But before you decide to go to a legal services website or use a do-it-yourself guide, you should take a moment to balance “can” with “should.” While you are entirely within your rights to create your own legal documents, including your own living trust, choosing to do so on your own is not a wise choice.
There are companies out there that make it sound as if creating a trust is a very simple process. While that process may not be overly complicated, that doesn’t mean you should do it on your own. To get the most benefit, your trust needs to be made to specifically address your life, desires, and the particular circumstances of your situation. No pre-made form or self-help book is ever going to be able to give you advice on what you need to do. Only an experienced attorney can do that.
Additionally, if you make your own trust and make a mistake you may not be able to fix it or even learn about it in time. If it ever falls to a court to determine if you made your trust correctly, the cost of having made a mistake may not only hurt your interests, but also those of your family.
Latest posts by Michael Robinson, Estate Planning Attorney (see all)
- Beneficiary Designations, etc., Aren’t a True Substitute for a Trust - April 17, 2019
- What Are 529 Plans and What Are Their Advantages? - April 17, 2019
- Have You Heard of These Trusts? - April 16, 2019