A popular misconception is that estate planning lawyers routinely—and even gladly—make hospital visits to draft or update legal documents such as wills, trusts, powers of attorney, and advance healthcare directives. Many people assume that lawyers view these visits as a …
Myth #1: Any Persuasion Equals Undue Influence
A common misconception in the context of estate planning is that any form of persuasion or influence over someone’s decisions automatically constitutes undue influence. This belief suggests that merely expressing an opinion, offering advice, or encouraging someone to make a …
Myth #10: Trusts Lead to Loss of Control of Assets
Myth: People often believe that once assets are transferred to a trust, the original owner (the grantor) no longer has any say in how they are managed, used, or distributed. This myth can create hesitation around trust planning, especially when
…Myth #9: Trustees Have Unfettered Discretion & Control
Myth: Trustees possess absolute, unrestricted power over the trust’s assets and decisions, with no oversight or accountability. This belief suggests that trustees can manage, distribute, or even use trust property however they see fit.
TV Shows:
- Gossip Girl (2007–2012): Chuck
Myth #8: Trusts Are Completely Private and Untraceable
Myth: Trusts provide an impenetrable shield for assets from public scrutiny, creditors, and even governments. This belief often stems from the idea that trusts operate in a legal gray area, beyond the reach of financial institutions and legal authorities.
TV
…Myth #7: Trusts Protect Assets From All Creditors
Myth: Many people assume all trusts offer the creditor protection provided by irrevocable trusts, and many people think that supposed protection is “ironclad” or “bulletproof”.
TV Shows:
- Succession (2018–2023): The Roy family’s wealth is structured in ways that make it
Myth #6: Trusts Are Immune to Legal Challenges
Myth: Many people believe that once a trust is established, it’s completely untouchable in court.
Movies:
- The Ultimate Gift (2006): A billionaire structures his estate so that his grandson must complete a series of character-building tasks before receiving his
Myth #5: Lawyer for Trustor Represents the “Trust” or “Family”
Myth: A common misconception in trust and estate administration is the belief that the lawyer who represented the late trustor (the person who created the trust) automatically represents the trust itself or the trustor’s family after the trustor’s death. Many
…Myth #4: Post-Death Trust Administration is “Automatic”
Myth: Once a person with a trust passes away, the administration of that trust happens automatically, without any legal procedures, paperwork, or active management. Many assume that because a trust avoids probate, the assets will instantly transfer to beneficiaries
…Myth #3: Trusts are Only Useful After Death
Myth: Trusts are only relevant or useful after a person dies, functioning solely as tools to distribute assets like a will. Many people assume that the primary, if not the only, purpose of a trust is to avoid probate and
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