Is Your Estate Plan Helping or Hurting Your Legacy?
For many families, creating an estate plan is a check-the-box task. Hire the attorney. Sign the documents. Put the binder on the shelf.
But what happens when that plan sits untouched for years, never revisited and never discussed? That is when even the most well-intentioned plan can turn into a source of confusion, or even conflict, for the people you care about most.
In a recent episode of The Wealth & Purpose Podcast, host Brady Fineske sat down with Donald Scott, Director of Estate Planning at TFO Wealth Partners, to explore how families can build estate plans that truly reflect their values, protect future generations, and stay relevant over time.
The Three Questions Every Plan Should Answer
Donald breaks it down simply. No matter your wealth or the complexity of your documents, a great estate plan answers three foundational questions:
- Where does your wealth go when you’re gone?
- Who will be in charge of carrying out your wishes?
- What are the rules for how and when your assets are used?
If your current plan doesn’t answer those three questions, or if you can’t explain it in plain language, it may be time for a revisit.
Trusts Aren’t About Control. They’re About Care.
A common misconception is that trusts are only for people with significant wealth or that they are tools used to “control from the grave.” But as Donald explains, lifetime trusts can provide long-term protection, especially in situations involving future creditors, divorce, or even estate taxes for your children or grandchildren.
When structured thoughtfully, a trust is not a restriction. It is a gift of flexibility and resilience for the next generation.
Fair Doesn’t Always Mean Equal
One of the most meaningful parts of the episode is the conversation around fairness. Donald shares examples where dividing everything equally between children might actually do more harm than good. Whether it’s a family business, differing needs, or life circumstances, every family dynamic is unique.
Estate planning gives you the opportunity to define what “fair” means for your family while you are still around to explain it.
The Power of a Family Meeting
You can spend hours and thousands of dollars building a solid estate plan, but if your children only learn about it after you’re gone, the results can be painful. That is why Donald emphasizes the importance of family meetings.
These don’t have to include numbers or financial statements. What matters most is communicating the structure of the plan, the reasoning behind your decisions, and the purpose behind the wealth. It creates alignment, sets expectations, and avoids misunderstandings in the future.
If your estate plan is sitting on a shelf collecting dust, consider this your sign to revisit it.
