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.

[Ad] Calling all neighbors in the Walnut Creek area and beyond! At Absolute Trust Counsel, we understand how unique the needs of your family can be. When it comes to planning for your family’s legacy, there is no one-size-fits-all approach. Schedule a free discovery call,and let’s talk about how we can help build the right plan for your family’s circumstances. Or, if you have a question about the content in this blog, please feel free to get in touch with us by calling 925.943.2740 or sending an email to Info@AbsoluteTrustCounsel.com.

Our Absolute Trust Counsel team would love to offer all of you access to ATC’s Incapacity Planning resource page on https://absolutetrustcounsel.com/incapacity-planning/ We’ve collected our top planning information all in one place so listeners can find videos, guidebooks, blog posts, a host of information with tips and strategies on implementing, planning, and protecting themselves and their loved ones.

[Ad] The job of a trustee isn’t as easy as one may think. You must give legal notices, retitle assets, file tax returns, understand a legal document, and perform a variety of tasks most people find unfamiliar. As a trustee, if you forget a step or make a mistake, you could be held liable.

Protect yourself, have a plan, and find out the next steps about your specific trust. Get started now by scheduling a 20-minute discovery call with Absolute Trust Counsel. During this introductory call, we will gather information about your trust administration, review our trust administration process with you, and answer any questions you may have. Our goal is to help you get the job done right!