A lawyer who went viral with his first "5 Things" video (20 million views) lists five more estate-planning mistakes: DIY trusts, putting retirement accounts in a trust, making trusts primary beneficiaries without structure, holding rentals in your personal name, and not funding your revocable trust.
As the original and most followed money protection lawyer on social media, here are 5 more things I would never do. The original 5 Things video has received over 20 million views. Some lawyers have copied it word for word. I'm looking at you, Brittany Cohen. But I digress. 5 more things. Thing 1, I would never recommend to anyone that they prepare their own trust. If you want your family to hate each other and end up in litigation for years, go ahead. Thing 2, I would never put my retirement accounts in my trust. I would name my trust as the beneficiary. Thing 3, when they're due to receive the money, they may be in a divorce or in a lawsuit or— I would either turn the account into a trust account or name the trust as a primary beneficiary. Thing 4, I would never put my rental homes in my own name. I would put each home in an LLC. Thing 5, I would never fail to fund my revocable trust. If you don't put your assets in your trust, it's of little use to you. Now go to my profile page link and sign up for Max Your Money.
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