Document Execution and Follow Up

After the rough drafts have been revised as needed, and the preliminary funding information gathered, a date is set for the signing of the final drafts.  That second appointment typically takes one to two hours.  I go through each of the documents carefully with the client. I answer any questions the client might have.   Once I am sure that the documents accurately express the clients wishes, witnesses are brought into the room for a formal execution of the documents.

Once the documents have been executed, we begin the process of funding the Trusts.  Based on information provided to me by the client, I have the deeds and other transfer documents ready for signing.  Change of beneficiary forms and other documents needed to properly fund the Trust are signed at this time.

The goal is to have the client sign the estate planning documents and the funding documents at the same time.  Sometimes, I won’t have all of the funding information from the client.  In that case, I prepare the necessary funding documentation after document execution, and mail the funding document to the clients for their signature.

Many times, a client will sign their documents and never need to change them.  However, if a client does wish to make changes, it is simple to do so.  All of the documents in a typical estate plan are amendable and revocable.  That means you can change them or get rid of them at any time and for any reason.  The cost to amend documents is quite reasonable.  It is usually not necessary to prepare funding documents at such times, and the process does not take too long to complete.

The funding of the Trust is a matter that needs to be monitored.  As time goes on, people change their jobs.  They sell their house and buy a new one.  They close a brokerage account and open up another one.  Each of these transactions is an example of times when a person must consider that they have a Trust, and act accordingly.  If you change your job, you will likely be asked to fill out change of beneficiary forms.  If you have a Trust, it may be appropriate to name your Trust as primary or contingent beneficiary.  If you sell your house, it is critically important that the new house be titled in the name of the Trust.  If you open a new brokerage account or purchase new issues of stock, those investments should be made in the name of the Trust.

As part of the initial fee paid by the client, I continue to assist my clients with the funding of their Trusts.  There is no additional charge for such follow up services.