Looking Out for Trust Fund and Estate Planning Pitfalls
When done correctly, estate planning provides the chance to plan for a better future for your family. However, with so many options, it is easy to make the wrong choice at the wrong time. At the Carlsbad Village Law Office of Rickard L. Borg, we will help you establish a trust fund or estate plan that works and avoids common pitfalls.
A Practical Approach to Finding Solutions
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Below are some of the most common pitfalls people can when establishing a trust.
Assumptions About the Future
Do not make assumptions about the future. You may live to be one hundred and never need a nursing home or you may suffer a serious disability. A comprehensive estate plan should consider all possible scenarios, including the possibility of family members dying suddenly. Our lawyer will walk you through various contingencies, so you are prepared for whatever comes next.
Selection of Trustees
People often pick the wrong person to be their trustee out of a misplaced sense of obligation. The person you choose can be a family member, a friend or even an independent commercial trustee. Whatever the case, honesty is just as important as finding someone who is good with numbers. We can help you consider your options and find someone you can trust to administer your estate.
Failing to Fund Your Trust
When you establish a trust, each asset must be individually transferred to the trust. Our standard package includes the transfer of major assets, including your home, retirement accounts, cars and life insurance policies.
Unfortunately, many people forget to transfer certain assets, or neglect to think about it when they divorce, re-marry or acquire new assets. Just know that anything you do not assign to your trust will go through the probate process.
Giving Away the Farm
They type of trust you choose is very important. A revocable trust can be altered while you are still living, allowing you to transfer assets in or out and change beneficiaries. An irrevocable trust puts your assets into a trust immediately, offering greater protection of those assets, but leaving you without control. Our attorney will help you decide what's right for you.
Contact Us
If you develop a trust fund, you want to make sure you do it right. From our offices in Carlsbad Village, we help our California clients avoid common pitfalls and come up with plans tailored to their needs. Open during weekly business hours, we offer evening and weekend appointments. Contact Marge, Janet or Rick today to schedule a consultation.
