At Absolute Trust Counsel, in nearly 100% of the trust administrations we’re hired to execute, there is a least one failure, that could have been avoided. Some of these failures are small and simple to fix. Unfortunately, the majority are much more difficult to rectify. In this context, difficult also means expensive. As a trust grantor, it is vital to review your estate regularly, especially if there are significant life changes. Talk to your estate planning attorney and keep your documents up to date to ensure your wishes and promises to your beneficiaries are kept.
In a new episode of Absolute Trust Talk, Kirsten sits down with fellow Absolute Trust Counsel attorney Madison Gunn. Madison joined the firm in 2019, bringing extensive legal background and experience, starting as an intern and working her way up to attorney at law. She has a passion for helping seniors, individuals, and their families prepare and protect legacy over the last few years in all aspects of estate planning and trust administration. As a fellow expert, Madison joins Kirsten to discuss some of the most common trust administration failures and what you need to do to avoid these issues with your own estate plan. No matter what stage of the trust administration journey you’re in, you’ll want to listen to this podcast and protect the future of your legacy and your beneficiaries.
Big Three from Episode #064:
- When it comes to real estate and your trust, make sure you know how everything is titled.
- If you’re going to make promises to potential beneficiaries and inheritance, be sure to talk to your estate planning attorney and get things in writing.
- Keep all your documents up to date, and be sure to dot all your I’s and cross all your T’s to make sure your estate plan truly follows your wishes.
Time-stamped Show Notes:
4:09 – Madison and Kirsten jump right into discussing the most common failure they see, which has to do with funding a trust.
4:56 – Madison shares a couple of things that can cause real estate to fall out of a trust.
10:04 – This is what happens to the trust when real estate falls out – hint, it can be frustrating and expensive!
11:57 – Like the failure of funding, Kirsten and Madison discuss another common failure – a lack of beneficiary designations.
16:26 – Another common failure has to do with your current living arrangements.
18:21 – Kirsten shares a scenario where this failure comes into play.
23:52 – Should you put real estate that’s located out of state in your trust?
25:10 – Can you name your trust as the beneficiary of your IRA?
26:24 – Should your trust own safety deposit boxes?
[Ad] Planning for the future is vital to ensure that you and your family are protected and prepared throughout your later years of life and beyond. Please don’t wait until it’s too late. Schedule a free discovery call today, and we’ll review your case to make sure all your needs are met.
If you’re someone who needs to include Medi-Cal planning in your estate plan, we can help. For more information on what Medi-Cal planning should look like, visit https://absolutetrustcounsel.com/practice-areas/medi-cal-planning/ for even more resources to help get you started.
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!
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Trust administration is a long and detailed process requiring much more work than many people know or understand. And if you miss a step or make a mistake, you could be held liable. Download a copy of our Trust Administration Flyer for more information on our roadmapping session and how to get started.
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