Whether you’re updating an existing plan or starting from scratch, this overview presents the key issues to consider when designing and executing the best estate plan. The work does not stop at signing your estate plan documents, you must also complete the follow up work of beneficiary designations, memorandum to fiduciaries, etc. (Note: the biggest issues we see are: (1) that no plan has been done; (2) that wills and trusts are in place but the asset ownership and beneficiary designations frustrate the plan by having assets pass to the spouse and not the trust; or (3) that a plan is in place, but it is stale and does not reflect the current needs and wishes of the client. If you do nothing else after reading this, write and deliver a “Memorandum to Survivors” and review asset ownership, all as described at the end of this post. Continue reading →