Trust Mistakes to Avoid

Top 10 Common Trust Mistakes are:

• Putting it off and "waiting to do it right"
• Failing to create all documents
• Failing to transfer assets
• Failing to record the deed
• Failing to deliver a Bank Account Directive
• Failing to create a Health Care Directive to Physicians
• Forgetting a Health Care Durable Power of Attorney
• Failing to create a Financial Power of Attorney
• Selecting the wrong trustee
• Believing a Will really "Will" happen as planned



10 More Common Trust Mistakes:

• Forgetting to create Guardianship
• Forgetting to create a Pet Care Directive
• Creating a Trust without a Pourover Will
• Forgetting to transfer vehicles
• Forgetting to transfer stock
• Believing your standard trust can really protect assets
• No Plan for care and expenses during emergencies
• No Plan for assisted living or long term convalescent care
• Keeping documents safe instead of available to the right people
• Forgetting to name the trust as beneficiary on insurance, CDs, and retirement



More Trust Mistakes:

• Selecting "revocable" or "irrevocable" language correctly
• Allowing your forced and unnecessary "rest home" transfer
• Allowing your premature (or unnecessary) "Declaration of Incompetency"
• Allowing public disclosure of private information used in identity fraud
• Transferring title upon death (thereby unprotecting assets and maybe a tax)
• Allowing the divorce of an in-law to have valid claims on your estate
• Allowing emergencies to force property to be sold to pay taxes, creditors, or heirs
• Creating transfer taxes or believing you can evade taxes
• Many more common trust mistakes... 93% of the time!