There is no YouTube D.I.Y video that can help you prepare a proper and effective living trust. Although it’s possible to go with cheaper and quicker options, cutting corners isn’t a reasonable thing to do when it comes to creating a trust. Cutting corners now means your beneficiary will pay later, and possibly tenfold. Each trust must be unique to the individual’s or family’s specific needs and structure.
What is a D.I.Y Trust?
This is a trust that you do yourself without the help or advice of a licensed trust attorney. That means, there’s a computer program or another human being without a legal license doing the work of a licensed trust attorney. Simply put, you get a trust with many gaps. That means that important information can easily fall out or be left out altogether.
Since D.I.Y trusts can easily overlook important estate planning factors, you won’t have the personal guidance and reminder of what you should include in your trust. Therefore, important assets can slip out unnoticed. Improper transfers will then poorly affect both your asset distribution and your taxes.
What seemed like a simple decision can then lead you through a lengthy and tiresome process. Your beneficiaries must then hire an attorney to fix your poorly constructed estate plan, and possibly even go through court which will result in more legal fees than you saved going the cheaper route.
The Power of an Exclusive Trust
You’re getting a trust document at the end of the day, with or without an attorney’s help. But there is a substantial and crucial difference in a document prepared with a non-attorney and one planned and prepared with a specialized trust attorney.
A computerized system can at most take your personal and asset information and formulate a simple living trust for you. You can’t ask in depth questions, and you can’t receive proper legal advice specific to your needs.
However, creating a trust is not only about asset incorporation but also about tax planning. A specialized trust attorney is interactive, knowledgeable, and precise. You don’t just get a trust document with an attorney, but you get an exclusive and personalized legal guidance.
Things Only a Trust Attorney Knows
A trust attorney will know how to navigate and collect important information to construct your trust to fit your exact present and future needs. They will know how to create your estate plan so it will benefit your assets and taxes. On top of that, you get a personal interaction with an experienced attorney. You can ask questions and receive expert advice.
Important things such as your acquired assets and family legacy should be in reliable hands instead. Sure, cutting corners may seem simple and cheaper in that moment, but it may also cost your loved ones thousands of dollars to fix in the future, not to mention additional stress and headaches.
