Do I Need to Read Over My Living Trust Documents?
So if you did the smart thing and went to a lawyer to prepare your living trust, it is tempting to just forget about it and consider it taken care of. However, you really need to take the time to read over all of the documents associated with your living trust, and you need to be sure that you understand them. If there is any confusion at all, you should talk to your estate planning attorney.
How Do I Fund My Living Trust?
One of the biggest mistakes people make is not completing the process to fund their trusts. You want to make sure that everything is accounted for and that your trust is completely funded. Otherwise, some of your assets can end up going through probate when you pass away. This process can take a while and cause excess stress for your family. You are setting up a trust partially to avoid this process, so make sure that you finish the job.
Who Should Be My Trustee?
The person whom you choose as trustee has an important job. They need to follow the instructions that you laid out for your trust and perform their required duties. A trustee who ignores their responsibilities will end up being a hindrance.
So think carefully about who should be your trustee. It needs to be someone responsible and someone you can trust. You should also take into account the specifications of your trust and how long it must last when choosing your trustee.
Do I Need to Update My Trust?
It is also important to update your living trust from time to time. Your financial and personal situations can change dramatically over time. It is a good idea to check in with your lawyer occasionally and go over your trust. If anything in your life changes, you can change your trust. An annual meeting with a lawyer zshould be enough to cover the needs of more people.
Contact Our Law Firm Today
If you are getting into the estate planning process and you wish to set up a living trust of your own, we can help. Call Herting Law, PLLC or contact us through our website. We can set up an initial meeting where we discuss your financial goals and what you want to leave behind.
