A trust is a legal document that outlines a plan for a third party to take care of certain assets for beneficiaries and determines how these assets will be distributed to the beneficiaries and when this process will take place. While trusts are extremely beneficial in many circumstances, there are several mistakes you should avoid when you are drafting this important document.
- Not including all assets – When you meet with your attorney to begin drafting your trust, make sure you have a complete inventory of all the assets you want to include. Failure to include certain assets may result in them being subject to probate procedures.
- Trusts versus wills – Many people make the mistake of believing that their trust can take the place of a will, or vice versa. However, a trust and a will are two completely separate and important documents. A trust should be an addition to your will, and can even be incorporated into your will, but it is still not a replacement.
- Doing it on your own – Another mistake many people make is assuming they can draft their trust without the help of an attorney. Trusts are intricate legal documents that should be looked over and procured with the help of an experienced trust attorney. Drafting a trust on your own may result in your heirs not being adequately provided for.
All of these mistakes can be avoided if you work with an attorney to create your trust. While it may take time to complete trusts, it is worth the time and the investment you make in an attorney to draft this document.
Ned help dealing with trusts in Toronto ON? Contact us at Grinhaus Law Firm. We offer high-quality legal services, flat-rate pricing, and free consultations. Give us a call today!