Clean Up Your Estate Plan So it May Succeed

If you want your estate plan to succeed you need to clean it up. Start with a document inventory listing every document in your plan, the date it was signed, a succinct summary, etc. Create or update a complete family and important person listing. Create or update a complete balance sheet listing all assets and how they are owned (e.g., joint, in trust, POD, etc.) and estimated values. Create or update an emergency contact and information list. These four tools are essential to cleaning up your plan. Next review what requirements are contained in your legal documents. For example, if you have a limited liability company (LLC) and you want to transfer interests to a child, spouse or trust, what prerequisites does the operating agreement or state law require? In the Smaldino case, the husband who orchestrated the plan, ignored the prerequisites to transfer contained in the legal documents he himself procured. The plan failed. You need to be sure these are all adhered to. If you have an irrevocable trust that requires demand or Crummey notices when gifts are made to the trust have those been issued properly for every gift?