040: How to Avoid the Most Common Estate Planning Mistake

Now that we’ve settled into somewhat of a new normal for the time being, people are thinking about getting things in order. There is still a sense of urgency, but many are taking the time to review their estate plans to make sure everything is in place, or are taking steps to put a new plan in place.

In California, one of the key tools we use is a trust. We want to keep things simple, keep the cost down, and keep the family out of court, so we use a trust to avoid probate. But problems arise when an asset doesn’t make it into the trust before the grantor dies. When that happens, probate happens – not always, but most of the time. And surprisingly, this is a very common mistake.

“It’s rare for us to do trust administration for a client and not have this mistake show up. I would say 95 out of 100 times we find an asset outside of a trust that should have gotten in.”
-Kirsten Howe

In a new episode of Absolute Trust Talk, I’m going to share the tips and information you need to know to avoid this kind of mistake and keep your family out of court. I’ll talk about how to fund a trust: which assets to fund, how to fund each kind of asset, and how you can tell if your trust has been correctly funded. With COVID-19, people want to make sure they protect themselves and their loved ones the best they can. Together we can help build an airtight plan.