Failed Estate Plans: What Could Possibly Go Wrong???
In this episode of Law Days and Lattes, host Sidney Wheelan breaks down the most common estate planning mistakes that can lead to legal battles, unnecessary taxes, and family disputes. From failing to fund a trust to outdated beneficiary designations, DIY wills, and incapacity planning, we cover what can go wrong—and more importantly, how to prevent these pitfalls. Grab your coffee and learn how to make sure your estate plan actually works the way you intend.
Key Topics Covered:
☕ Why Estate Plans Fail: Common mistakes and how to fix them
☕ Failure to Fund a Trust: Why a trust without assets properly titled to it won’t work
☕ Outdated Beneficiary Designations: The importance of keeping your beneficiaries updated
☕ DIY Wills & Poorly Drafted Documents: The risks of writing your own estate plan
☕ Ignoring Tax Consequences: How poor planning can lead to unnecessary taxes
☕ Lack of Incapacity Planning: Why you need a healthcare directive and power of attorney
☕ Business Succession Planning: What happens to your business when you’re gone?
How to Ensure Your Estate Plan Works:
✅ Work with professionals—attorneys, accountants, and financial planners can help.
✅ Regularly update your plan—review every 2-3 years or after major life events.
✅ Fund your trust—make sure your assets are properly titled.
✅ Update your beneficiaries—don’t let outdated forms send assets to the wrong person.
✅ Plan for incapacity—have a healthcare directive and power of attorney in place.
✅ Communicate with your family—let them know your wishes to avoid future disputes.
✅ Consider digital assets—don't forget cryptocurrency, social media, and online businesses.
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Until next time, grab your favorite latte, hold your loved ones tight, and have a great week! ☕
This podcast episode contains general information for discussion purposes only. Each case is different and must be judged on its own merits. Missouri rules generally prohibit lawyers from advertising that they specialize in particular areas of the law. This article should not be construed to suggest such specialization. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create an attorney-client relationship, and the listening or viewing of this podcast does not constitute an attorney-client relationship. The choice of a lawyer is an important decision and should not be based solely upon advertisements.
