Ep 76: Estate Planning Mistakes that Complicate the Inheritance Process

A strong estate isn’t just about your wishes… It’s also about making your affairs easily handled after you are gone. In this episode, Michelle and Trevore discuss the mistakes we’ve seen in how assets are passed down and the ways paperwork becomes your beneficiaries nightmare.

Take a listen right here, or watch the video on YouTube!

Takeaways

• Make sure you have core estate planning documents in place, including a will, powers of attorney, living wills, and trusts.
• Keep retirement and brokerage accounts updated with clear beneficiary designations.
• Consider writing a personal letter to loved ones to complement your formal estate documents.
• Evaluate whether a trust, individual beneficiary designation, or beneficiary deed is the best fit for each asset rather than assuming one approach works for everything.
• Put a plan in place for digital asset access, including passwords and online account management.
• Review your estate plan regularly to avoid common mistakes like outdated beneficiaries and unnecessary trust complexity.
• Communicate openly with family about your plan for trustee designations and asset distribution.
• Consider whether gifts are better given during your lifetime rather than left as an inheritance.

Related Links for Estate Planning Mistakes

Find the Estate Planning Checklist here!

FDS Resources for Leaving a Legacy:

• Article: Leaving a Legacy by thinking Two Generations Deep
• Video: Creating and Funding Estate Plans
• Podcast: Ep 25. Creating Successful Estate Plans and Strong Family Relationships
• Podcast: Ep 69. What You Forget to Plan For Until After Your Spouse Passes
• Podcast: Ep 70. What You Should Expect If You Are Named Trustee

Timestamps:

1:27 What makes a strong estate plan?

5:54 This or That: What estate documents should you use?

13:02 What documents should you use for accounts?

20:59 What kind of documents should you use for property?

23:28 How will you pass on digital access?

33:27 What makes the inheritance process challenging?

48:31 Should you give now or after you pass away?

52:48 Closing thoughts

Credits for Episode 76

Host: Michelle Smalenberger, CFP®

Guest: Trevore Meyer, CFP®

Executive Producer: Anna Lewis

Stay Connected!

If you want to hear even more episodes, like this one, be sure to subscribe to the Behind the Designs podcast on your favorite streaming platform! The Behind the Designs podcast shares with you an inside perspective at how financial advisors think about money. You can always reach out with questions to podcast@financialdesignstudio.com!

If you want a team like us to share our expertise on your retirement plan, schedule a free consultation to see if we are a fit for you! You can read more about our process here to get started.