Q: Can I just create a Trust on my own?

by | Aug 16, 2023 | Estate Planning, Q&A |

A: You sure can, but it’s not advisable! The worst part of a DIY trust is that by the time problems start sprouting up, there is nothing that can be done to fix them (because they typically aren’t discovered until AFTER you’re gone). Creating a Trust own your own may save initial upfront costs but will likely be a burden for the beneficiaries and Trustees. As such, you may not be achieving what you intended. Creating a trust is a legal process that can have significant implications for your estate and for your beneficiaries, and it can become complex very quickly. For example, the following represent just a few of the important considerations when preparing a trust and estate plan: the type of Trust you need, which legal requirements should be met, how the Trust will be funded and distributed, tax implications, and ensuring the proper execution of the documents.