What are some of the most common mistakes with respect to implementing a Revocable Trust?
A. Probably the most common mistake is the failure to properly “fund” the Trust. That means that the clients failed to retitle the assets in the name of the Trust. Another common mistake is the failure to properly consider the role and responsibility of the Successor Trustee and choosing someone who is not properly trained. Another common mistake is to have a Trust that may fit the needs of someone else, but not your situation. It is very dangerous to have “one Trust fit all”. That is why it is important that your Trust be properly drafted to fit your own situation.
