GMR 169: Will Your Estate Plan be Executed Correctly?

More than sixty percent of Americans pass away each year without an estate plan; having a WIll or a Living Trust. That’s unfortunate because of the problems this causes the family that’s left behind. For those who possess a living trust, it’s just as important to fund the trust. In this episode of Getting Money Right, we discuss how to ensure your trust is funded and executed according to your wishes.

Show Notes

Estate Planning Previous Episodes

• GMR 26 – Estate Planning: The What & Why, Wills & Trusts, Probate

• GMR 27 – Living Trusts, Medical Directives, Power of Attorney, Heirs & Expectations

• GMR 46 – Getting Your Financial Affairs in Order: Interview with Dawn Pruchniak Part 1

• GMR 47 – Getting Your Financial Affairs in Order: Interview with Dawn Pruchniak Part 2

1. Make sure your estate is funded

   1. Transfer assets into the trust

      1. Cash accounts

      2. Property deeds

      3. Cars?

      4. Retirement account

1. Make sure your estate plan is actually executed according to your wishes.

   1. Choosing a Successor Trustee

   2. Educating your successor trustee

   3. Making sure they understand where you want to leave gifts

   4. Keeping good records

      1. Make it hard to contend by being clear and keep documents together

   5. Pay your Successor Trustee in advance

1. The obligation of the Successor Trustee

   1. This is a legal document

   2. There are legal expectation and ramifications

   3. Moral & Ethical

Resources

Budgeting tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com