We have found the most important aspect of estate planning is implementing the plan. We want to make sure that once the blueprints are crafted that we take the time to build the structure that the blueprints detail. Attorneys make great architects of an estate plan. After you work with the architect, the next step is to hire a contractor to help you build the structure you wish to build.
Most people prefer to pack their own bags when taking a trip, but many rely on others to metaphorically “pack their bags” for them when setting up revocable trusts or testamentary trusts through the will. If trusts are not funded by transferring assets into the trust, quit claiming property, setting up trust accounts and naming trusts as beneficiaries on accounts, these blueprints are worthless.
Leaving trusts unfunded until after they pass away, many subject their estates to unnecessary probate costs, frustrated beneficiaries, and trustees that are underprepared. We’ve seen situations where the probate process takes several years and costs tens of thousands of dollars, when this could all be avoided by preparing properly on the front end. “Packing your bags” beforehand allows you to ensure everything is in its proper place and nothing is forgotten.
We regularly match clients with local attorneys to prepare documents. Most of the attorneys we work with will meet with clients in our office. The attorney selection differs based upon the complexity of the case and what the clients are trying to accomplish.
Lately we’ve started working with a national firm to craft wills and trusts for out-of-state clients. We’ve found we have often been able to help clients get these done more quickly and less expensively by using this national firm. We originally considered this a good solution for our out-of-state clients, but realized this could also be a solution for local clients who want to get a simple will and trust prepared at less cost. If clients want to meet face to face, create a more custom solution or have a more complex case, we definitely prefer referring to our attorney friends in town. For those wanting to save legal expenses, we’ve found this can be a good solution in some cases with a Trust Based Estate Plan costing approximately 40% less than many of the local attorneys we utilize.
Feel free to watch the short video below for more information.
Forbes Recognized Joe Franklin as one of the TOP Advisors in Tennessee
Franklin Wealth Management
4700 Hixson PikeHixson, Tn 37343423-870-2140
