Three trust mistakes cost people money: creating a trust but never funding it, thinking a revocable trust qualifies you for Medicaid when only an irrevocable one does, and picking the wrong successor trustee to manage it after you're gone.
Of all the screw-ups I've seen people make when it comes to trusts, what follows are some of the worst. And what's the biggest of all? Well, that's paying a lot of money to have your trust created and then never putting your stuff in it. Putting your assets into your trust is the most important thing you can do. If you don't do that, your trust is of no value to you whatsoever. If you've ever heard people say, yes, my mom and dad had a trust, but we still had to go through probate, that is most likely because they never put all their assets and their property into the trust. Second biggest screw-up? Well, that's when people put put their assets in a revocable trust thinking that it will help them qualify for Medicaid benefits. It doesn't. You have to have an irrevocable trust for that. Third biggest screw-up: picking the wrong person to be your trustee after you're gone. The job of a successor trustee can be very difficult. It really helps to have somebody with a good business head on their shoulders who will pay attention to detail and see the job through. If you're interested in this, you can join my newsletter in my bio page link.
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