Three Common Trust & Estate Planning Mistakes
Today on our radio show we listed out three common trust & estate planning mistakes people make. Read on to review our list and see if you’ve made any of the common mistakes.
On the radio with Gary Quackenbush and Marty Schneider, the Retirement Professor. K-PRAISE 1210am:
Three Common Trust & Estate Planning Mistakes
1 – Funding not done or not done right. To be done correctly, the house must be deeded to the Trustee of the Trust. All personal property needs to be assigned to the Trustee. Bank accounts should be in the Trust. If the funding (transfers to Trust) are not done, the trust is invalid! Wow! Harsh! But it is what CA law says.
2 – Self Prepared Problem – It can be a colossal mistake to prepare your own Estate Plan and Trust if you don’t really understand California law. Not even all attorneys know enough about Trusts to set them up properly.
3 – Waiting too long – Rushing to set up your estate plan right before surgery or travel is common and although the plan can be made quickly, the pressure of being rushed can be stressful for many people. Don’t get me wrong, to do it in a rush is MUCH better than not doing it but its best to give yourself enough time to get it done right.
Refer to the GQLAW website or call if you have any questions. My staff and GQ Law and I are here to help!
I hope this helps!
GQ