What we are experiencing is that a lot of people are updating their estates. Unfortunately, what I am also seeing from the executed estate documents is that none are naming their financial advisor with any role in their testamentary trusts.
I find this interesting, and alarming.
Why Are Financial Advisors Not Involved in Family’s Testamentary Trust?
Please Share Your Thoughts
1) Of those estate plans where a testamentary trust will be funded, what percent of the time do you think the client is asked whether they would like to keep their financial advisor involved with their family’s testamentary trust?
2) If asked, what percent of the time does the client respond affirmatively that they would like their trusted financial advisor to continue to be involved with their family’s testamentary trust?
3) Of those estate plans where a testamentary trust will be funded, what percent of the estate plans use “directed trust” language to secure the financial advisors’ involvement?
I bet we will be alarmed by the responses to questions 1 & 3.