When creating a trust, you cannot afford to make errors and invalidate the trust. You do not want to lose the protections and benefits the trust should provide. Unfortunately, mistakes are made all the time that result in the trust not providing the required advantages you hoped to realize.
Parman & Easterday can help you avoid common errors in creating a trust and in making sure you select the right type of trust to accomplish your goals. We assist with all aspects of trust planning and making smart choices in establishing and funding your trust. Give us a call to discover the ways in which our Oklahoma City trust lawyers can help you.
Common Mistakes When Creating A Trust
Making a trust to protect you, your family, and your assets can be complicated. You need the right legal help our firm can provide. Parman & Easterday will help you avoid the common mistakes people make. These include:
- Making the wrong kind of trust: Different trusts accomplish different purposes and goals. A special needs trust provides for a disabled loved one. A spendthrift trust protects an inheritance from being frittered away by an irresponsible heir. There are trusts that protect your wealth during your life if you enter a nursing home and seek assistance from Medicaid. There are also trusts that protect your wealth after your death. You want to be sure you choose the right type of trust that provides the protections and benefits you are seeking.
- Not selecting the right trustee: The trustee is a fiduciary who is responsible to you and your beneficiaries. Dealing with the wrong trustee can be a legal hassle and your trust assets can be put at risk. Choose a trusted person you can count on to follow your wishes and manage your trust assets appropriately.
- Not funding the trust properly: You cannot make a trust and expect it to protect your assets without doing something more. You must transfer your property into the trust and make the trust the owner. There can be tax implications, and transferring certain kinds of property into trusts can pose problems. Parman & Easterday will help you change ownership of assets by making the right choices and assisting with the necessary transfers.
These are just some mistakes made when creating a trust. Trust creation is not something you should try to handle on your own. Let an Oklahoma City trust lawyer help you.
Why Mistakes Are A Big Problem In Trust Creation
If you created a trust to protect your assets from nursing home expenses, to avoid probate, or to avoid financial loss, problems with it may not be discovered until after you are incapacitated, need care, or pass away. You may not be in a position to correct problems by the time issues are discovered.
If a problem exists and you cannot fix it, you lose the benefits for which the trust was created. You and your loved ones can suffer financial loss or worse. You had a reason for creating your trust and you do not want your efforts to be undermined by mistakes in the trust’s creation.
Parman & Easterday can help you create a trust that provides the protections you need and make sure nothing goes wrong. Get our legal team involved early in the process to avoid the chance for error.
Getting Help From An Oklahoma City Trust Lawyer
Parman & Easterday can offer detailed legal advice personalized to your situation so you can avoid common errors when creating your trust. You can also discover general information about trust creation by joining us for a free seminar.
If you are ready to take advantage of the protections a trust can provide, call us today at (405) 843-6100 or contact us online to schedule your appointment with one of our Oklahoma City trust lawyers.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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