What are the main pitfalls when setting up a trust?

• Difficulties may arise after a trust is established because the trust was not set up in the most appropriate way for the specific circumstances. This can occur when people establish a DIY trust by using internet templates and without seeking legal advice specific to their situation. A DIY trust will rarely meet your current and future needs without creating problems for trustees and beneficiaries in the future.
• Many family trusts are set up correctly but are not regularly reviewed by the trustee and only become an issue upon the death of a family member after many years of the estate growing in value. These situations are common and can result in family disputes.
• It is as important to seek legal advice regarding the ongoing management of a trust as it is to set up a trust correctly in the first instance. You can use our Phone a Lawyer service for a preliminary legal consultation if you think you may need legal advice.