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Mistakes to Avoid When Working with a Trust Attorney

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Mistakes to Avoid When Working with a Trust Attorney

Creating trust is one of the best moves you can make to protect your assets and ensure your loved ones are taken care of after you’re gone. However, the process can be a challenging one, which is why you need to hire a trusted attorney for proper guidance. 

When working with a professional trust attorney, there are certain mistakes you can make that will affect the process if you’re not careful. This article will explore some mistakes to avoid when working with a trust attorney. Continue reading to learn more:

old couple having conversation to attorney

5 common mistakes people make when working with a trust attorney 

  • Not communicating your goals

One of the most common mistakes is not being clear about what you want your trust to achieve. Are you trying to avoid probate, reduce taxes or ensure your assets are managed for a minor or dependent? Without properly communicating your goals, your attorney may not be able to design a trust that meets your needs. Hence, before meeting with your attorney, take your time to outline your goals and priorities.

  • Not providing complete information 

Your trust attorney needs a full picture of your current financial situation to create the best plan. Some people withhold information about certain assets, debts or family matters, either due to embarrassment or they simply forgot. This can cause your trust attorney to create a trust that doesn’t fully protect your estate or it could lead to greater issues down the road.

  • Procrastinating on funding the trust

Creating trust is only half the job. The other half is funding it, which involves you transferring ownership of your assets (like property, bank accounts and investments) into the trust. Many people make this mistake, leaving their trust empty. Your trust attorney can provide guidance on how to fund the trust, but you need to take action to complete the process.

  • Not Asking Enough Questions

Trust law can be complicated sometimes and it’s easy to get lost and confused in the legal process. During the process, you might hesitate to ask questions out of fear of appearing ignorant or uninformed. However, understanding the process helps you make better decisions. Don’t be afraid to ask your attorney to explain anything you don’t understand. A good trust attorney will welcome your questions and ensure they carry you along on the plan.

  • Ignoring the Attorney’s Advice

You hire a trust attorney because they know things and are experts at things you’re not, so it’s important to take their advice seriously. Some clients come into the process with their personal information and experience and insist on cutting corners to save time and money. That is not always the best idea and can result in a poorly created trust unable to achieve its intended purpose. Trust your attorney’s experience, judgement and advice and do whatever you’re asked to do.

Final Thoughts

Working with a trust attorney is an investment in your future and that of your family. The mistakes explained in this article are common among many clients, so if you find yourself guilty of any of these mistakes, it’s time to make amends and help your trust attorney create the best trust for you. With the right approach and qualified trust attorney by your side, you can navigate the difficult process of estate planning.