Will Your Plan Work? #estateplanning #assetprotectionplanning #trusts

20 Mar 2023 · 1 min

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In this brief advisory video, the speaker warns that many estate plans fail due to two primary reasons: (1) lack of funding – assets are not retitled into the trust, which can force probate, and (2) failure to update the plan as life circumstances change. The speaker emphasizes that an estate plan is not a set‑and‑forget document; it must be reviewed regularly, discussed with beneficiaries, and overseen by a qualified attorney. Viewers are urged to talk openly with their heirs about the plan’s general outline, schedule periodic lawyer reviews, and, if the original plan was not prepared by a lawyer, obtain a professional review to ensure its effectiveness.

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There's a very good chance your estate plan will fail, probably for one of these reasons. Reason number one, a lack of funding. A trust is no good unless you put your assets into it. An asset that you do not put into your trust by retitling it may have to go through probate. The second reason your estate will probably fail is because you did not update it as your life changed. An estate plan is not a one-and-done situation. As your life changes, your estate plan may also have to change. You cannot just put it on the shelf and forget it. Discuss your estate plan with your beneficiaries. Let them know the general outline of it and call the lawyer who prepared it every few years and go over anything that's changed in your life. If a lawyer didn't prepare it, take it to one now and let them review it. If you want your estate plan to be successful, follow me.