Many estate plans include trusts, which can avoid probate, provide for minor children, and in some cases reduce estate taxes. It is in your best interest to review your estate plan periodically to ensure it meets your current needs. Furthermore, if you have any additional questions or concerns about considerations you should make when setting up a trust, or mistakes to avoid, keep reading and give our skilled Butler County trust attorneys a call today. Our legal team is on your side no matter what you are facing.
What are some considerations I should make when setting up my trust?
You need to name beneficiaries for your trust. Many times these beneficiaries will include children or grandchildren. Once your children get older, it is recommended that you consider creating or amending a trust to mirror each child’s needs. You should also look over your trust to decide whether the date the children will obtain their inheritance is still applicable to the circumstances. You might decide to delay giving your children large sums of money until they have reached a certain age or have completed educational or career milestones. Also, you should occasionally review all your estate planning documents to make sure the people who were selected as guardians for minor children are still appropriate and willing to take on the commitment.
In carrying out the terms of a trust, the trustee may have to delay payments to beneficiaries. You will want to make sure you are choosing wisely if selecting a family member as the trustee because certain cases can cause tension in an otherwise loving relationship. In some instances, you may think about hiring a corporate trustee or a trusted non-family member instead.
What are the 5 most common mistakes to avoid with your trust?
While setting up a trust can seem daunting, we are here to tell you that it does not have to be. Keep in mind the five below mistakes that you should avoid:
- Not funding the trust
- Failing to provide clear instructions for the trust
- Not specifying beneficiaries
- Making a poor choice in choosing a trustee
- Failing to review and update your trust
Note that before creating and funding a trust, you should retain the services of an experienced attorney that has knowledge in estate planning. The attorneys at Heritage Elder Law & Estate Planning can help ensure that your trust is prepared correctly.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team you can feel confident will represent your best interests, every step of the way. We are that legal team. Contact Heritage Elder Law & Estate Planning today so we can get started.