A revocable living trust is a great tool to help your assets pass smoothly to your beneficiaries. It can also significantly reduce the headaches of probate. However, while some assets belong in a trust, others cannot (or should not) go into one.
Homes are illiquid assets that produce no income and come with ongoing costs for upkeep. Those issues can cause some snags with your trust.
Of course, just because you have a living trust doesn’t mean you are all set. Here are a few of the most common mistakes people make with their living trusts.
Planning for your future should start after you get a job. Therefore, it is advisable to start saving a certain percentage of your salary every month and buying assets whenever you can. That will guarantee that you will have a comfortable life after retirement.