8 Symptoms of an Impending Failure of Your Trust or Estate Plan

Just like most things in life, your trust or estate plan needs a regular checkup. Giving your plan the attention it needs on a recurring basis will not only keep it up to date with your own goals and new laws, but will also bring peace of mind. If this has left you worried and thinking, “But I haven’t even looked at my plan in years,” don’t panic. Borcher’s Trust Law Group has put together the top eight symptoms that you should address to avoid the failure of your trust or estate plan. If any of these problems reflect your situation, feel free to contact us at Borchers and we can help get your estate plan or trust back on track.

1. Not having a recent checkup (more than 3 years) on the content and quality of your trust instruments. The pace of change can be remarkable.
2. Not having confidence in the terms of your trust. If you’re not sure of what your trust does, how effective will it be at carrying out your intent?
3. Not being of aware new laws or wondering how new laws affect your trust. The last overhaul of the federal Tax Code was in 1986. Since then, the Code has grown every year.
4. Not accounting for the passage of new laws that change taxation or protection of assets in the trust.
5. The retirement of your estate planning attorney without a succession plan.
6. Failure to coordinate ownership and beneficiary designations of assets with the estate plan.
7. Concerns raised by your CPA, financial advisor, or another professional concerning your trust tax status, terms or funding.
8. Allowing several years to pass after the death of your spouse without a review or update to your trust or estate plan.

For more information on how to make the most of your trust, read our post, The Dangers of an Unfunded Trust.