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How to Avoid Problems with Your Living Trust

Wed Sep 16, 2020 | Trusts |

Estate planning is an investment in your future and your family’s security. Unfortunately, there are no easy solutions – careful planning and frequent reviews are the keys to a solid estate plan. A one-size-fits-all estate plan that you create and then forget about is bound to cause frustration at the time when you need it most. An experienced Boca Raton living trust lawyer can help you minimize potential problems and give you peace of mind. 

Create a Written Trust Agreement

This may seem obvious, but many people think that simply creating an account or changing the deed to real estate is sufficient. The trust agreement should, at a minimum, include the following: 

  1. Name who is the grantor, who are the beneficiaries, and who will act as trustee; 
  2. What property is being placed in the trust;
  3. When property will be conveyed to the beneficiaries; and
  4. When and how the grantor may revoke the trust.

These are only the very basic requirements. The trust agreement should be a comprehensive, detailed document that provides clarity in the event that questions arise. 

Place Your Assets in the Trust

Another common problem occurs when people create a trust agreement but then don’t take the necessary steps to fund the trust. For example, if you want to place your home or other real estate in the trust, the trust agreement does not automatically place the property in the trust. You must draft a new deed and then get the deed recorded. Otherwise, your estate will have to go through probate, which is probably what you wanted to avoid when you created the trust. A skilled Boca Raton living trust lawyer can guide you through the process of funding your trust. 

Proactive Management 

Most people who create a living trust name themselves as trustees. This makes sense because it allows you to retain control of the assets in your trust. However, it’s important to understand that you are obligated to manage those assets for the benefit of the beneficiaries. Failing to manage the assets of the trust can not only create legal problems but also leave your estate disorganized and burdensome for those you intended to protect. 

  • Keep your records organized
  • Keep detailed notes about any transactions involving trust assets
  • Consult with a Boca Raton living trust lawyer before making any significant transactions

If you do not want to act as the trustee, you may want to consider working with a professional trustee to administer your living trust. 

Call a Boca Raton Living Trust Lawyer at Ellis Law Group Today 

Sound estate planning is vital if you want to protect your wealth and your family’s future. Don’t risk your security by drafting an estate plan on your own – invest in your future by working with a highly-skilled Boca Raton living trust lawyer at Ellis Law Group. To schedule a consultation, call us at 561-910-7500 or contact us online to discuss how we can meet your estate planning needs.