8 Huge Revocable Living Trust Mistakes to Avoid. Why 70% of Trusts Fail
Creating a living trust is only the first step. If assets are never properly moved into or coordinated with the trust, it may be little more than a legal document, and your family could still face probate, delays, unnecessary expenses, and added stress.
After more than 30 years of working with families on estate planning, we’ve seen many trust mistakes that could have been avoided with proper implementation. In this video, we explain what it means to fund a trust, why this critical step is so often overlooked, and how to help ensure your estate plan actually protects the people you love.
Topics Covered:
– Why an unfunded living trust may fail
– What it means to properly fund a revocable trust
– Which assets may need to be coordinated with your trust
– How a trust can help avoid probate and preserve privacy
– Protecting a spouse, children, and blended families
– The potential costs and delays of probate
– Letters of instruction, password access, and personal property memorandums
– When a living trust may—or may not—be necessary
– Choosing trustees, executors, guardians, and backups
– Why estate planning documents and implementation are separate steps
– The importance of involving your spouse and family in the process
– How a financial professional may help coordinate trust funding
A well-written trust is like a set of architectural plans: it still has to be built. Taking the time to fund the trust, organize your information, and clearly communicate your wishes can make the estate settlement process far easier for your family.