What Happens When Estate Plans Are Left Unattended?
Letting matters simply take their course definitely has no place in your thinking about the future of your loved ones. We see what happens when a laissez-faire approach is taken with estate planning and it’s never good.
Here’s just a few recent examples of negative results we’ve witnessed where neglect and a come-what-may attitude prevailed:
- Children inherited equally when that was not the intention
- Accounts and real estate went through probate instead of funding an available trust
- The wrong beneficiaries were left on IRAs and life insurance
- Trustees were no longer the best choice or had died
- Disabled beneficiaries were allowed to inherit directly (rather than in trust to protect the assets)
- Millions paid in unnecessary taxes
- Instructions not signed that could have directed trustees in handing out money
Estate planning is anything but laissez-faire; it is intentional. A planned estate generally comes out quite differently than affairs that are left to just take their course. And yet planning is not difficult, especially once you get into a rhythm of revisiting the plan, updating it, and methodically surveying laws and procedures.
If you want to show how deeply you care for your family and plan ahead for yourself, then review your CAPS objectives with your estate planner frequently (care, anticipate, protect, save) and definitely keep your trusts up to date. Our TrustSupport™ program offers regularly scheduled review meetings to do just that.
If you aren’t sure about the health of your estate plan, use our brief online diagnostic tool to get a sense you where you stand.
