What Happens if You Write Your Own Living Trust?
Should you write your own Living Trust? A Revocable Living Trust may be created in a few short
steps including listing your property and beneficiaries and funding your property into the name
of your Trust. With some research it may be possible for you to write your own Trust, but
before you do, make sure you understand the benefits and costs of doing so.
The main reason people use a Revocable Living Trust is to avoid probate. A properly funded and
up-to-date document can allow property to easily pass to your family without the need for hefty
When you write your own Living Trust, you can reduce your estate planning expenses. Writing
your own Trust will cost about fifty dollars. You will use a fill-in-the blank form to list your
information and beneficiaries. Your form may also include instructions on what to fund into your
Trust. Certainly, the investment will be greater if you hire an attorney for this process.
Before you decide that writing your own Revocable Living Trust is a good idea, make sure you
know the costs you may incur if your documents are not properly executed, or if there are key
provisions omitted that could have helped your family.
When you do-it-yourself, you must make sure to fund every piece of applicable property into
your Trust. All unfunded property will have to pass through probate.
If you do not update your beneficiaries regularly, some of your heirs may be disinherited. This
could occur if you have not added new beneficiaries or if you have left in old beneficiaries. In
this case, intestacy laws may name an heir other than the one you would have chosen.
When you create your own Trust, you are fully responsible for funding your Living Trust. You
must understand what types of items can be funded into your Trust, what items should not be
included, and how to title those items to ensure there are no problems later.
If your Trust document is not properly created and funded, some or all of your estate may have
to endure probate. This may mean costly attorney fees, court costs, and time spent to rectify
mistakes. When you allow an attorney to draft your Trust for you, you can severely reduce the
chance of probate.
The costs to clean up the wreckage from cheap, do-it-yourself trusts can be thousands of dollars
more for your family than having an experienced attorney help design a plan for your family in
Experienced estate planning attorneys Oklahoma City OK of the Parman and Easterday offers
estate planning and business planning resources to residents of Oklahoma City OK. To learn
more about these free resources, please visit http://www.parmanlaw.com/. today