What’s more, if assets aren’t titled correctly, they might be excluded from the trust, defeating the whole purpose of creating one. Do-it-yourself forms could also be more likely to face legal ...

1. Determine What Type of Trust Is Best The two common forms of trusts are irrevocable and revocable. Your finances and goals will be deciding factors in which one is better for your situation.

Everyone who forms an irrevocable trust should also form a revocable trust. By using both revocable and irrevocable trusts, a person can achieve some of the advantages of both types of trusts.