I Signed My Esate Plan, Now What?
Now What
Congratulations on signing your estate plan. This is an important step toward protecting your assets, honoring your wishes, and caring for the people you love.
That said, signing your estate plan is only the beginning. Whether you created a trust, a will, or both, there are important follow-up steps that ensure your plan actually works when it matters. Your plan will not protect your assets or have any effect until you complete these steps.
This guide walks you through:
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What to do with your estate planning documents
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How to properly align assets and beneficiaries
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When updates are needed
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What trustees and executors should know
What To Do When You Have a Trust
General Steps After Signing
Disinheritance Instructions If applicable, clearly document the disinheritance of a child or spouse. Beneficiary Designations Ensure the trust is named as beneficiary on all appropriate accounts.
Consider All Assets
Create a complete list of assets. Confirm each asset is either titled to the trust or has the trust as a beneficiary/Transfer on Death recipient. Make sure you have completed and submitted all required forms.
Setting Up Different Assets in Your Trust
Investment Vehicles (e.g., 401(k)s, IRAs, life insurance policies) Primary Beneficiary: Spouse Secondary Beneficiary: Trust If an institution requests trust documentation, provide a Certificate of Trust rather than the full trust. Liquid Assets (e.g., checking and savings accounts) Set accounts as Payable on Death (POD) to the trust. Real Estate Use a Transfer on Death (TOD) designation. Note: This may have been handled during your signing appointment. Vehicles Complete an Ohio BMV Transfer on Death form at https://www.bmv.ohio.gov/titles-transfer-death.aspx
Proper Naming of a Trust
When naming your trust as owner or beneficiary, use the following format: {Trustee Name}, Trustees, or any successor trustees of the {Trust Name} Revocable Living Trust u/a [date signed] Example: "John Doe and Mary Doe, Trustees, or any successor trustees of the John Doe and Mary Doe Revocable Living Trust u/a November 5, 1955"
Common Questions About Living Trusts
Estate planning can feel overwhelming, even after everything is signed. To help, we’ve created a Living Trust FAQ so you can review information at your own pace. Email us at contactus@eques.law for a copy.
Handling Your Estate Documents
Executor, Trustee, and Agent Information
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You do not need to provide copies of documents to executors or trustees now - doing so can create some confusion if you make amendments later
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You should inform them that
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they have been named
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where documents are stored
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that our firm prepared them and our contact information
Advance Directives: Healthcare Power of Attorney and Living Will
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Bring the originals to your primary care physician.
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Ask that the documents be scanned into your medical record so they are accessible across healthcare systems.
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If you change doctors, these will travel with your medical record
Financial Planners and Accountants
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Inform your financial planner or accountant about your estate plan.
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They may assist with beneficiary updates or asset coordination
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Provide them with our firm's Financial Planner/Accountant Letter [LINK COMING SOON]
Digital Copies
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Let trusted individuals know that scanned copies are available through a secure portal.
Storage
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Do not store original documents in a safe deposit box.
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Keep documents with other important papers where your executor is likely to look first (such as a home office or desk).
What To Do When You Have Just a Will
Setting Up Different Assets in a Will-Based Plan
IMPORTANT
A will-only plan does not avoid probate, and requires constant upkeep. These steps for beneficiary transfers may help, but parts of the estate will still pass through probate unless a trust is used. And there is little flexibility for your heirs to use alternate means to avoid taxes or to make alternate instructions (e.g. pass through to grandkids)
Liquid Assets
(e.g., checking and savings accounts) Set accounts as Payable on Death (POD) to the primary beneficiary.
Real Estate
Use a Transfer on Death (TOD) designation. Note: This may have been handled during your signing appointment.
Investment Vehicles
e.g., 401(k)s, IRAs, life insurance policies) Name your primary beneficiary (spouse, child, or other loved one). Name at least one contingent (secondary) beneficiary, in the event the primary beneficiary isn't taking the assets
If you're a resident of Ohio, the Ohio BMV provides a great service through the Next of Kin registry. It allows you to designate two people for police to contact if you are found unconscious and your drivers' license or other reliable ID is available. It was created to allow first responders to quickly notify family when a loved one was involved in a car accident, but is now also widely used for other emergencies, such as a stroke/heart attack/passing out in public places like a store or restaurant. Regardless of your plan, we encourage you to complete this process through the Ohio BMV, and for more information, see their informative brochure.
When To Update Your Estate Plan
You should review your estate plan when:
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You want to change executors, trustees, guardians, or beneficiaries
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A named executor, trustee, guardian, or agent passes away
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Major life events occur (marriage, divorce, birth of a child, death of a spouse)
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Laws change in a way that affects your plan
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(Your attorney will notify you if updates are legally necessary.)
Instructions for the Successor Trustee
You were chosen to take over as Trustee, and it's your turn - now what?
We’ve created a concise, four-page guide explaining trustee duties and responsibilities.
Email us at contactus@eques.law for a copy of the guide.
What About My "Small Stuff"?
You likely discussed all your "stuff" like family heirlooms or jewelry, and even the less important stuff like furniture, clothes, and other personal effects. You may even have set out some specific items in your Trust or in your Will, but most people don't. If you set up a trust, you sign a document that your Successor Trustee will have authority to distribute and dispose all of that in the manner they determine to be fair. If you only did a will, your Executor has significant authority, subject to probate court rules and orders, and subject to hearings and opportunities for discontented family members to raise objections.
If you anticipate that dividing and distributing your stuff will create family discontent, or if you have specific instructions (e.g. a fireman who wanted his fire jacket to go a non-relative he had rescued from a fire and not to his own kids), then we suggest you write a personal letter to your Trustee/Executor with those wishes. This is not legally binding, which is the point: if you don't own that item when you pass - you gave it away while you were alive to that person or to someone else, it was broken/discarded or lost in a tragedy - then your Executor or Trustee has no legal duty regarding it, or to a named heir. But if those items do remain, your letter can help your Executor/Trustee distribute according to your wishes, and to settle discontent from your heirs by having something written to show your intent (and not their own).
When you write that letter, there's no need for it to be notarized or witnessed (although those may help if you have them readily available). Place it in the front pocket of the folder we provided with your documents, and feel free to update it whenever you think appropriate.
DISCLAIMER
EQUES® Law Group attorneys provide specifically-tailored legal advice in appointments. Many times that advice is/was tailored upon a client's agreement to perform certain steps after the representation has concluded (such as naming beneficiaries as outlined above). This is a conscientious and mutual decision to keep a clients' legal costs down. EQUES® has advised (and again advises herein) that the client is responsible for making such changes, and EQUES® is not responsible or liable for any such losses to a client, or the heirs, successors or other parties (including but not limited to churches and charities), when a client fails to designate beneficiaries.
Get in Touch Today
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