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June, 2024 - Issue #231
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Your Living Trust Checklist
A trust is a legal arrangement where property is held for the benefit of others, especially for future beneficiaries. When making a trust, there are some key items that you will need to determine to create a successful trust.
☑ Determine what you want the trust to do. There are many different types of trusts. Knowing what you want the trust to do will ensure it has the correct features and avoid undesirable ones.
☑ Determine your successor trustees. Naming two to three trustworthy individuals who are likely to outlive you, and the order in which they will serve, is critical for any trust's success.
☑ Know how you would like your successor trustee to manage and distribute your property. A successful trust needs to have a clear description about how the trustee is to hold, manage, and distribute your property after your death and who is to benefit.
☑ Know what property you would like the trust to protect. Trusts can only protect what they own. A list of property you want the trust to protect is critical.
☑ Choose an attorney who focuses on estate planning. There are many pitfalls in creating an estate plan. Unfortunately, flaws and limitations of a cheap estate plan will not be apparent until after your death. An attorney who focuses on estate planning can help avoid most, if not all, potential issues your trust will face.
Law Attorney Michael Yeager 471-2177
 courtesy of Valencia Acura |
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