Did you know 64% of American adults don’t have a will, including 55% of those with children? As you read that statistic, I bet you’re telling yourself it’s time to write my will. But end-of-life planning is more than that. There are questions that you need to answer and other documents that need to be prepared, including health care and general arrangements. Having a plan ready is for your benefit and for the benefit of your loved ones.
So what happens when a spouse passes away with the former sub-trust estate plans from 20+ years ago? The trust administrator endures headaches and could spend a lot of time on unnecessary sub-trust allocations or administration complications.