Episode 50: Don’t Make This Huge Estate Planning Mistake

Estate planning is not just for the rich. Listen to this episode to find out what mistake you need to avoid when planning for what happens to your assets when you die.

4 responses to “Episode 50: Don’t Make This Huge Estate Planning Mistake

  1. Dawn- If your assets are in a trust, does that work like a will and should you check the beneficiaries?

    1. Hi Leia, a trust does work in a similar way as a will. Both wills and trusts should be reviewed regularly (at least every few years, and certainly after a major life change) to make sure the beneficiaries of both are still structured they way you want. Generally if you have a trust, then the trust will be the beneficiary of the will. This way, any assets that you neglect to title into the trust during your lifetime will pass through the will at probate and get funneled into the trust at that time. Best practice is to review all aspects of your estate plan on a routine basis. ūüôā

  2. I recently sought the advise of a new to me attorney here in Colorado as my trust was written in California. After a review he said I was fine unless I had a major life change or after a few more years. He also said no charge! I feel much better having checked it out.

    1. Good for you, Ellen! Typically living trusts are good across state lines. Often attorneys will suggest updating your will if you move to a different state, since wills are subject to the laws of the state in which you reside. It prevents possible complications later. Nice job on checking it out, and woot! for no charge!!

Leave a Reply

Your email address will not be published. Required fields are marked *