Controlling Your Estate Plan

Maintaining control is a crucial consideration in one’s estate plan.  As people grow older, they often experience a greater desire for control.  However, many estate-planning strategies result in a loss of control over assets, finances, and decisions. 

For example, signing away your home to a relative can leave you helpless if you decide you want to sell it or take out a reverse mortgage.  You are unable to do anything without a signature or permission. 

One of the misconceptions is that you give up control by creating an irrevocable trust, and that you should be your own trustee.  This is not the case when the trust is properly drafted.  With an irrevocable trust, you have the ability to retain control as you remain the owner and have the final say.  The trustee serves your needs, and if he or she is not doing what you want, you can choose another trustee. 

Every decision you make should be designed to maximize your control over your decisions and your assets.  Do not give up control; you will never be glad you did.

See Mark Eghrari, Never Give Up Control When You Create Your Estate Plan, Forbes, Nov. 13, 2024.