Nick PerryFounder and CEO of 7 Figure Cartel

3 Trust Mistakes That Could Cost You Millions

11 Mar 2026 · 1 min

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In this concise advisory video, estate planning attorney Nick Perry warns viewers about three critical errors that can render a trust ineffective and cause massive financial loss. First, he explains that failing to list the trust on a homeowner’s insurance policy leaves the property uninsured in a disaster. Second, he details how incorrectly filing the deed prevents the trust from legally owning the property, forcing the estate through probate. Third, he highlights the most common mistake: improper beneficiary or successor‑trustee designations, which can trigger tax liabilities and ownership disputes. Perry concludes by urging anyone who has recorded a trust to have it reviewed with both their insurance agent and title company, emphasizing that a poorly set‑up trust can be worse than having none.

Chapters

Never ever set up your trust again before you know these 3 things. Otherwise, you will lose millions of dollars or worse, all of your assets. Number 1, not updating your insurance. Because if your trust isn't listed on your homeowner's insurance policy, the insurance company doesn't cover it and won't pay you out in the event of a natural disaster. Number 2, filing the deed incorrectly. Because what that means is that the trust doesn't legally own the property, which means that it will still have to go through probate. And finally, number 3, the worst and most common mistake Wrong beneficiary setup. Look, your successor trustee and beneficiary have to be structured correctly. If they're not, you can trigger tax issues or ownership problems that create a nightmare for your family. So after you record your trust, make sure to review it with your insurance agent and title company, because a trust that isn't set up right is worse than no trust at all.