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Estates���How DMMs �can help �clients and advisors �meet their goals��

AMY EGTVET, CTFA

WE TRUST COMPANY

AADMM CONFERENCE

NOVEMBER 9, 2024

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WE Trust Company��Professional �Fiduciary �Services

  • WE Trust has been in business for 27 years
  • Business Focuses
    • Executor/Personal Representative of Estates
    • Independent Trustee of Trusts
    • Attorney-in-Fact under a Durable Power of Attorney
    • Daily Money Manager-Family Office Administration
  • Washington State Chartered Trust Company
  • We work at the intersection of Daily Money Management and Estate Planning every day

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Today’s Agenda

  • Basic estate plan overview

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  • Probate versus Trust

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  • The DMM role
    • what is useful
    • what is helpful
    • how to avoid pitfalls

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Basic �Estate Planning�Documents�

  • Will
    • Roadmap for what happens after death

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  • Revocable Living Trust
    • Roadmap for what happens before and after death

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  • Durable Power of Attorney
    • Roadmap for what happens before death…if you cannot make your own decisions
    • Financial
    • Healthcare

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  • Advanced Directive
    • Living Will

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Basic �Estate Planning�Documents��It can get messy!!!�

  • Will
    • Designated beneficiaries always trump a will

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  • Revocable Living Trust
    • Everything MUST be titled in name of the trust
    • No creditor protection

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  • Durable Power of Attorney
    • Ceases to be effective immediately upon death

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  • Advanced Directive
    • Often unknown, often ignored

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Probate versus �Trust��Which is the better path?���

Probate

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  • a legal process that involves proving the validity of a will, appointing an executor, and distributing the deceased's assets to the beneficiaries.

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Trust

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  • a legal document that allows a person to control their assets and property while they're alive, and to designate who will receive them after they die. The grantor, or person who creates the trust, can change the trust at any time, including adding or removing beneficiaries, assets, or trustees. 

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Probate versus �Trust��Which is the better path?���

Probate Pros

  • Court supervised
  • Straightforward process/clear rules
  • Creditor protection

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Probate Cons

  • Sometimes slow
  • Often expensive depending on state
  • Public record

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Trust Pros

  • Seamless transition of assets
  • Private transaction/no public filings
  • Can be straightforward

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Trust Cons

  • No creditor protection
  • Not seamless if everything isn’t titled to the trust
  • Usually more expensive to draft and often full of confusing language

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������The �DMMs role with a client��������Further Comments

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  • Organize!

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  • Challenge clients to simplify

  • Assist with asset review to ensure it aligns with plan
    • Titling matters
    • Designated beneficiaries matter

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  • Help Create Inventories
    • Tangible Personal Property lists
    • Appraisals

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  • Encourage regular review

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������The �DMMs role with a deceased client��������Further Comments

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  • You may no longer have a role

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  • Once Executor or Trustee is appointed, you might be a font of information

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  • Inventories
    • Tangible Personal Property lists
    • Appraisals
    • Asset lists with titling

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  • Direct all questions to the person in charge

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������The �DMMs role perils and pitfalls�������Further Comments

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  • Stay in your lane

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  • Turn off autopayments

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  • Respect the gray area after death

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  • Don’t share information with the wrong people

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  • Direct all questions to the person in charge

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�How DMMS can help clients and advisors meet their goals�����

  • Final Recap:
  • Final Recap:
  • Listen First

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  • Ask probing questions about family dynamics

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  • Firmly guide with recommendations about what works and what doesn’t

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  • Keep the planning as simple as possible

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  • Use plain language

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  • Be patient with your clients

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  • While it might be your umpteenth drafting of a plan, it is their ONE life!

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Final Recap:

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Listen First

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Ask probing questions about family dynamics

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Firmly guide with recommendations about what works and what doesn’t

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Keep the planning as simple as possible

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Use plain language

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Be patient with your clients

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While it might be your umpteenth drafting of a plan, it is their ONE life!

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  • Listen first. Help gather facts.

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  • Coordinate and question the advisors.

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  • Encourage simplification of accounts and challenge complexity.

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  • Build roadmaps and revise them regularly.

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  • Keep an asset inventory.

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  • Beware of the overshare. Remember who’s in charge.

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  • Be patient with your clients.

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WE Trust Company

Professional Fiduciary Services

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www.wetrustco.com

info@wetrustco.com

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206-781-6997

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