Attorney Todd Whatley addresses the critical components of trust management and highlights common trust mistakes that attorneys should help clients avoid. He provides insight into how elder law attorneys can differentiate themselves from DIY solutions and financial advisors attempting to provide estate planning.

• DIY estate planning services and financial advisors are aggressively targeting clients, claiming lawyers aren't necessary
• Trust documents need specialized language to handle incapacity periods before death, not just asset transfers after death
• Testamentary trusts provide significant protection from bankruptcy, divorce, and lawsuits for beneficiaries
• The biggest mistake in trust planning is failure to fund the trust by properly titling assets
• Multiple co-trustees often create family conflict; consider recommending corporate trustees instead
• Careful trustee selection is critical for proper trust administration
• Trustees have fiduciary duties and should maintain detailed records and communication
• Attorneys should avoid amending other professionals' trust documents due to malpractice concerns
• Regular trust reviews (every five years) are essential as family situations and laws change

For more information about Todd's elder law coaching services, visit theelderlawcoach.com to schedule a free consultation call.

Information to help you answer all of your questions about aging.