Living Trust Mistakes to Avoid

Deciding to create a revocable living trust as a part of your comprehensive estate plan is an excellent choice for many people, but there are some mistakes you can make that you will definitely need to avoid. Living trusts, like all other estate planning tools, depend upon your ability to create them properly and maintain them over the years. A good living trust is one you pay attention to, not one you ignore. an experienced and qualified estate planning attorney will provide you with guidance about how to properly care for your living trust, but in the meantime, here are several mistakes you need to be aware of. Trustee Selection Choosing the right trustee is essential. There are two main options. First, and most commonly, people choose themselves to serve as trustee. Second, and less common, is choosing a professional fiduciary, bank or trust company to serve as trustee. In most situations you are perfectly capable as serving as the trustee of your own living trust. While there are
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