SHOULD YOU WRITE DOWN YOUR OWN LIVING TRUST?

By JacksonWhite Elder Law Attorneys

People often wonder if they could do their own estate planning.  A will can have guardians chosen for your children if something should happen to you.  A trust can hold assets for your benefit if you are not capable of managing them yourself.   Even if it seems easy and a smart idea, there are many things that could go wrong with writing a will or trust on your own.  These bloopers can cost you a lot more than you saved in legal fees.

In 1984, a man set up his own trust using a three-page form he purchased at an office supply store.  He documented a deed to transfer his home into the trust, but accidentally dated the deed 1983.  In 2009, this man wanted to borrow against his paid off mortgage on his home.  However, the mistake he made back in 1984 prevented him from receiving a loan from the bank because he didn’t have a clear chain of title to his home.  The problem was fixed over the course of two weeks and cost him $2,000 in legal fees.  That was about twice the amount he would have had to pay back in 1984 if he had a firm do it for him instead.
To make sure you and your family members receive the best return on your investment, it is essential that you put some time into planning your estate. We service the whole state of Arizona including Phoenix, Mesa, Scottsdale, Stafford, and Tucson. 
Contact the Arizona estate planning attorneys at JacksonWhite to have your estate assessed during a free estate planning consultation! Call (480) 818-6912.
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