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June 26, 2012
Horror Stories in Estate Planning
There are numerous stories that we tell that incite fear and apprehension in ourselves. However, none maybe so frightening than those that affect us in our everyday lifes. For example, an attorney once recalled how, after examining the trust instrument of one of his clients, he discovered that the trust was set to give $50,000 to two different people. What makes this scary for our client was that he didn't know who those people were. In fact, it became apparent that the previous attorney who drafted the trust only copied and pasted an old trust and failed to take out the information that didn't belong to the new client. Still, even this cannot compare to horror when the mistake is not discovered until after the death of the person who wrote the will or was the settlor of the trust.These horror stories are the product of poor planning and foresight. Some experts believe that this is the reason because many clients have estate planning document created by attorneys who do not specialize in estate planning. It's not that these attorneys are bad, it is just that they might not give as much foresight and planning as those who specialize in the field when creating the estate planning documents.?
In reality, it is combination of everything. Not one problem is solely responsible for bad trust instruments and wills. Sometimes it's a combination of two things like an inexperienced attorney and flawed language. For trusts in particular, the wording in a trust can be problematic if the trust is not updated at least once a year especially when a change in circumstance occurs. In this type of instance, it might be the client that is the problem.?
See Eric Rasmussen, The Horror, Financial Advisor, May 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
June 26, 2012 in Current Affairs, Trusts, Wills | Permalink
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