Before starting in wealth management, I spent most of my time solely as an estate planning attorney and was called upon by countless financial ‘advisors’ to prepare wills, trusts and estate plans for their clients. Doing so, I was able to have honest conversations with who they trusted for advice. And what did I learn? The individuals in the families who entrusted these ‘advisors’ were working under the assumption that the advisor was acting solely in their best interests. What they expected was fantastic communication, relevant advice, and quality implementation. They want a relationship of trust, sincerity, and honesty. A relationship where the advisor puts us first.
There’s no rule that requires you to have an attorney to set up a trust. However, how do you know when you’re doing it wrong? You generally only find out if there’s a mistake or an error when it’s too late. If you’re confident you have the legal expertise, by all means, you can create a trust on your own.5 August 2022