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Follow on Google News | Top Four Reasons Estate Plans Fail Discussed by Elk Grove Estate Planning Attorney Erik HartstromBy: Estate Plan Pros Estate Planning attorney Erik Hartstrom goes on to explain the top four reasons estate plans fail: 1. No assets transferred to the trust Trusts avoid probate because the trust owns the assets. People understand the desirability of avoiding probate; after all it’s an expensive, time consuming process. But sometimes they don’t understand the importance of making sure their trust owns the assets. Every estate planner covers this potential failure by preparing a “pour over will” by having the probate court put everything into the trust. The beneficiaries may be able to petition the court to order assets into the trust if there is evidence that the decedent intended to have the asset in the trust. None of these “fixes” however beat making sure that your trust is properly funded! 2. The trustee isn’t trustworthy Choosing a trustee is a difficult task, and no one has a crystal ball for the future (or at least one that works reliably). Trustee’ 3. It's outdated Times change, people change, and if you haven’ You’ve probably heard the saying, “a good plan beats a bad plan, but a bad plan beats no plan at all.” No estate plan leaves you and your beneficiaries – planned and actual – to the whims of the judicial system. When you take control of your estate plan, you can protect yourself and leave something of value to the people about whom you care. --------------- Erik Hartstrom is an authority on estate planning, creating wills, trusts, and other documents to help his clients create a lasting legacy. His practical style and focus on client education have resulted in national attention. He is often featured in Life Health Pro, a publication which attracts top financial experts across the country. Erik’ Erik is passionate about his mission: “I help families prepare for the future. Parents can keep their children out of probate court.” End
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