Setting up or changing trusts requires legal guidance
Most people like to have control over their money and assets. To some extent
this doesn't change after a person dies. One of the ways that a person
makes sure their money and possessions are allocated appropriately after
their death is by drawing up a trust.
But life changes. Sometimes, the person's name in the trust originally isn't the person that should inherit the trust after all. Or sometimes an additional name is added. It all depends on how life goes. With various legal shortcuts available it can be tempting to simply make changes to the trust without the help of a lawyer. This is not advisable.
A trust is a complex legal document that indicates who will gain an inheritance
and any parameters or conditions that apply before the trust can be administrated.
Any changes made involve more than notes in the corner of the page. A
qualified estate lawyer can see that everything goes where it should in
order to avoid legal hassles among family or other potential heirs later on.
Those who try to change or amend a trust can potentially make very costly mistakes, and in the end the trust may not be distributed the way they want. This can cause further legal fees and even squabbles amongst loved ones. People tend to set up trusts in part to spare their loved ones from these types of confrontations with one another. They want to be able to help after they are gone, not cause drama or financial uncertainty.
It's better to make sure everything is right the first time. Our
estate planning lawyers understand how important creating a clear and updated trust is to a person's
current state of mind when he's still on earth and to his loved ones
once he has passed.
Source: NWI Times, "Estate Planning:Trusts are not a do-it-yourself job," Christopher W. Yugo, Jan. 13, 2013