Dan Weiner, an estate planning attorney in San Diego and the founder of Weiner Law, explains why trusts fail in a recently uploaded video on the firm’s Youtube account. While estate owners create trusts to secure their assets and the future of their loved ones, things can go wrong for various reasons.
According to Dan, one issue is the funding. It is the primary determining factor of whether or not a trust fails. Improper funding can have dire consequences, especially when one uses trusts to avoid probate.
He also mentions the neglect to transfer assets, such as real estate, investment accounts, and checking accounts in the trust. This can lead to the necessity of probate proceedings when distributing to beneficiaries.
Dan reiterates that inadequate planning and communication with attorneys can lead to failing trusts. Clients may neglect collaborating with an attorney during the planning phase or fail to maintain ongoing contact. This lack of attention can lead to serious issues with the trust.
He emphasizes the importance of keeping trust plans up-to-date and relevant. With the ever-changing legal landscape, a plan left gathering dust may become obsolete. One must consider changes in laws and recent alterations in the taxation of inherited accounts.
To approach the issues mentioned, Dan highlights the importance of regular plan reviews and meeting with an attorney at least every three years. This ensures that estate owners keep their trust plans current.
An estate planning lawyer will align strategies with clients’ changing circumstances and help them reach their objectives for their estate. Dan and his team of lawyers at Weiner Law believe that legal counsel is invaluable in creating trusts.
Weiner Law is an award-winning San Diego-based estate planning firm that assists individuals in protecting their estates and loved ones. With clients who have different needs, the attorneys at Weiner Law create solutions that address their unique concerns. The team understands the need to build long-term relationships with clients that develop over time. They work closely with people to protect their assets and those they care about.
Weiner Law provides legal representation in different areas, such as wills, trusts, and power of attorney. They also offer legal aid in probate, estate tax protection, elder law, and planning for minor children.
Visit the firm’s office at 12707 High Bluff Drive Ste. 125, San Diego, CA, 92130, or contact (858) 333-8844.
12707 High Bluff Drive Ste. 125