Friday, August 29, 2014
Filling out a standard form at a bank to create a revocable trust can save time and money, but can also cause unexpected problems down the line. An individual may believe that everything is in order and the trust is ready to go when they sign on the dotted line. However, standard forms do not account for individual life circumstances, such as multiple marriages and children with special needs. The trust also may shockingly have nothing in it, which will create serious problems if the empty trust is discovered only after its use becomes a necessity.
See George M. Fox, The Black Hole Revocable Trust, Smoke Signals, 2014.