About Trust and Estate Plan Maintenance
Trust maintenance is the process of keeping your trust plan up-to-date and effective during your lifetime. This includes routine trust funding reviews and updated trust legal documents to ensure the trust keeps pace with inevitable changes in the law, client finances, and family circumstances. Because life is dynamic and always evolving, trust plans must be kept current to ensure they effectively meet client goals.
The Challenge of
Once your trust plan is established, the work has just begun! If you thought that things were now taken care of, you may be surprised to discover that they are not as "finished" as you imagine. The trust needs to be funded properly as described in our trust funding knowledge base. Then routine updating and plan maintenance become critical components of long-term effectiveness. Because circumstances change, inevitable changes in the law, your finances, even your family make any trust plan dynamic and evolving. Regular plan "check ups" to see how current your existing estate plan remains is essential to your plan's success. Many estate planners now offer formal update programs to keep the trust plan current and the trust funding complete. An estate plan update program typically offers ongoing funding support for newly acquired assets. Update programs include executing newer trust documents that reflect current law, tax, and planning strategies. By keeping your trust plan current, you'll ensure the trust continues to meets your goals while keeping costs lower than doing no plan maintenance at all. Because the law changes, your finances change, and your family evolves, regular plan updating just makes sense!
The Solution to
FundingPro™ coordinates routine trust funding reviews and facilitates the funding over time to support planners client update services. FundingPro™'s tracking tools audit the client's trust funding and identifies outdated or incomplete transfers. FundingPro™ also monitors client assets values to determine if plan provisions continue to meet client goals. FundingPro™ completely integrates with the SettlementPro™ trust settlement software system to support your formal update program. Eliminating repetitive data entry, these software applications make servicing estate plans efficient and profitable. Periodic maintenance makes death settlements easier and much less costly to beneficiaries. Without an effective software solution for routine funding reviews, trust plans often become ineffective, outdated, and unfunded over time. Trust settlement is more challenging and expensive when plans aren't adequately maintained. FundingPro™ helps to identify new planning needs that arise as circumstances change and virtually assures the settlement and successor business comes to the firm because of plan servicing FundingPro™ facilitates.