While it might seem like a quick way to accomplish your estate planning goals, do-it-yourself trust forms are not really the way to go. Essentially, these “bare bones” living trusts are sold more as a way to avoid probate, but they can create more problems than they actually solve. There are many disadvantages to using a bare bones trust that you should be aware of, before you settle for the quick, one-size-fits all form.
Appropriate estate planning requires time and money
You can cut costs without cutting corners, and that is an important concept to remember when engaging in estate planning. A boilerplate form you purchase online, or find in the library, may save you money. But if it is not drafted properly, you probably will not achieve the results you hoped for, or even worse, the trust may not be valid. One size simply does not fit all in estate planning.
Latest posts by Scott Schomer, Estate Planning Attorney (see all)
- What are the Advantages and Disadvantages of a Living Trust? - January 15, 2019
- Why Avoid Probate? - January 10, 2019
- When Do I Need a Tax ID Number for a Trust? - January 9, 2019