Potential issues with creating a trust at the last minute

| May 7, 2021 | Estate Planning

Many people assume that they have more than enough time to create a trust when they want to prepare for passing on their money and assets after they die in California. Unfortunately, many issues and complications can come with creating a trust at the last minute.

Some people make last-minute trusts when they know they’re going to pass away soon, which can often mean their ability to make decisions is compromised if their health is failing. This can lead to lawsuits if some of the family members claim that undue influence occurred.

Common mistakes to avoid when creating a trust

When creating a trust, it’s important to draft the document when you’re in good health and ensure that your mental state can’t be questioned to avoid will and trust contests. The trust should have valid trust language and should meet your specific objectives, which include minimizing estate taxes or providing for a child who is a minor.

Don’t forget to designate a successor trustee to ensure that someone responsible can make decisions on your behalf if you become incapacitated. You also need to avoid creating the trust and forgetting about it. Your estate plan needs to be reviewed and updated regularly as your life changes and new assets are acquired. Working with an estate planning attorney may help you to avoid common mistakes and ensure that the document is recognized by the state.

Who can you contact for legal assistance?

If you want to create a trust, contact an attorney with experience in trust and estate litigation. An attorney may also assist you with will and trust contests if you don’t agree with a trust that is created by a loved one who may have been incapacitated. The legal professional may inform you of your rights and help you navigate the legal process.