Estate Planning Mistakes that Lead to Probate Litigation with Barbara Schlichtman

EP 039: Earlier in our shows, we had two estate planners come on and talk about the importance of having an up-to-date estate plan. In our experience as financial planners, many people come to us nearing retirement and have a will/estate plan that can date back to 30 years ago. So we all know now that we should keep these plans up to date. BUT, what are some common mistakes that we (as in Mainers) make by either not executing an estate plan, or having an old will that doesn't keep up with our wishes or state law, or perhaps we don't share the right information with our estate planning attorney so that they can make the best plan for us, our wishes, and our families? We wanted to have a conversation about the probate process POST death and how things can go RIGHT and how things can go WRONG. That's the premise of today's show!

Enter someone that helps her clients prepare themselves and loved ones for life events by designing personalized legal documents to carry out their wishes and protect their assets. Our guest is on the executive committee for Legal Services for the Elderly in Maine, the Maine Justice Action Group, a member of the Academy of Special Needs Planners, and an advisor to the Peaks Island Fund, a Maine Community Foundation fund. She also teaches elder law as adjunct faculty at University of Maine School of Law. She was a member attorney of Maine Center for Elder Law, LLC prior to the Center merging with Perkins Thompson, P.A. in September of 2019.  Please welcome Barbara Schlichtman to the Retirement Success in Maine Podcast!

 

Chapters:

Welcome, Barbara! [1:52]

How can an incomplete or non-existent estate plan worsen the outcome for a family following a death? [12:29]

Barbara discusses the process of litigating an estate or trust. [20:30]

A deep dive into trusts. How well can a trust protect your assets? How/when do independent trustees come into the picture? Are trusts expensive to maintain? What mistakes are commonly made when setting up a trust? [30:26]

What sort of common family situations (dynamics/relationships/structures) would Barbara identify as being most likely to have challenged estate? [48:23]

What is Barbara’s definition of Retirement Success? [53:46]

Ben, Abby, and Curtis wrap-up the episode. [55:09]