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When you are ready to start estate planning, you may feel overwhelmed by the number of documents you can create. However, you’ll want to consider establishing a living trust. There are many benefits to creating living trusts, so it’s essential to understand why you must ensure this document is free from errors. Unfortunately, even a seemingly small error can impact the validity of your estate plan. Keep reading to learn more about the most common mistakes and discover how a Pasco County, FL wills & trusts lawyer can help you through this process.

What Are Living Trusts?

A living trust is an estate-planning document that allows you to transfer your assets to a trust account. This trust goes into effect the moment you sign it and the assets inside will be distributed according to the terms of your document. For example, you may decide your beneficiaries can receive their inheritance on a specific day, like their 25th birthday. However, if you wish, the assets can also be distributed upon your passing.

The primary benefit of a living trust is that it helps bypass the probate process. Unfortunately, probate can be a long, complex process. However, a trust allows your successor trustee to distribute the assets held in the trust according to the terms when they happen. For example, if your child inherits your property after your passing, they will maintain it and help transfer it to your child after your death.

What Mistakes Are Commonly Made?

Unfortunately, there are a few common errors made that can invalidate the trust.

Generally, the most common error is not transferring the assets to the fund properly. Unfortunately, if you don’t have the proper funds in the trust, it has no legal effect. As such, you must ensure that you properly transfer the titles of assets to your trust and fulfill the proper beneficiary designations.

If you’ve appointed yourself as the trustee of your trust, it’s necessary to ensure you name a successor. However, if you become incapacitated or pass away, you must have another person named. In the event you do not name another party, the courts will appoint one. When choosing a successor, make sure to choose someone who is trustworthy and reliable, as this is a big responsibility.

Arguably, the biggest mistake many people make is trying to set up a will on their own. Unfortunately, this can lead to a number of errors and issues that make a trust non-binding. There are many websites that offer free “DIY” documents. However, without the assistance of an experienced attorney, there are numerous errors that can impact your plan.

When you need assistance, the Law Offices of Matthew J. Jowanna can help. Our dedicated legal team will do everything possible to help you navigate the complexities of this process. Contact us today to learn how our legal team will assist you.