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Dave's Funding Lesson: Why Funding Matters

, • POSTED ON: April 26, 2019

Meet Dave. Dave is going to help us see why proper funding is integral to a great trust or will. Dave is married and has 2 kids. Dave visited with a qualified estate planning attorney to set up a plan to ensure his wife and children had a plan in place and were protected if something happened to him. Dave was happy and felt great knowing he finished this important task. Dave visited with his attorney a couple of times and signed his plan. His attorney discussed his assets with him and gave him specific instructions for each asset. Dave goes home and puts his estate planning portfolio on his shelf. 

Dave gets in a car accident. His wife is in the vehicle with him. Dave passes away. His wife survives, but with mental deficits. Dave’s plan ensures that his wife will receive the benefits of their assets without disqualifying her from any government programs that may help with her long-term care and recovery. Does Dave’s plan work?

If Dave did his funding homework—yes. His plan works. Dave may be gone, but his diligence in doing his planning has an immense impact on his family ensuring they have the care and financial security they need.  

However, Dave did not do his funding homework. His assets did not all get transferred or retitled. He meant to get to it, but he never made the time. Dave’s estate goes through the probate process, his wife endures a long battle for a conservatorship, and his children are left without access to assets to help care for themselves and their mother. 

Don’t be Dave. Funding is an integral part of proper estate planning and cannot be overlooked. Do your funding homework. If you are not sure you did it right or that it was done correctly, visit with an estate planning attorney today to ensure your plan will actually work when life changing events occur.

Be informed.

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