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Ah, Thanksgiving—the time of year when we gather around the table with our loved ones and enjoy turkey, stuffing, and all the delightful sides that fill our hearts (and stomachs) with gratitude.
Thanksgiving has always been my favorite holiday. I think it’s partly because there isn’t the added worry of gifts and it’s just about focusing on being grateful for what you already have, but I also met my husband on Thanksgiving so it’s just a special time of year for us.
One year, however, I got a little overly ambitious in the kitchen.
Having just returned to Pensacola, we invited our families to our home to celebrate.
We prepped the house, bought the supplies, and excitedly awaited the big day.
I researched and carefully selected recipes which included a gorgeous (and time consuming!) recipe for a turkey. The chef that created the recipe is Ina Garten (otherwise known as Barefoot Contessa from the Food Network) who is notorious for her fresh ingredients and stunning menus.
I had never cooked a turkey before and it honestly overwhelmed me a bit.
The day finally arrived, and I followed the recipe religiously. I stuffed the turkey with the herbs I’d carefully tied together, rubbed the homemade seasoning all over the outside that had already been coated with butter.
I had to google which way to place the turkey in the roasting pan - “Do the arms go up or down?” But as the turkey browned my confidence boosted.
By the time our guests arrived and all commented on how pretty the turkey was, how great it smelled, and so on, my heart could’ve bursted with pride.
We settled in for the afternoon and it was time to dig in. I asked my dad to carve the turkey and as he began, he sheepishly pulled out the bag of giblets. A look of shock, disgust, and then dismay appeared on his face.
Well what the heck was THAT?!
Who knew that there was a bag of mystery meat hiding inside of my beautiful creation? Certainly not me!
So I discreetly googled, “Can you eat a turkey if you cooked it with a bag of giblets inside?” And relief washed over me as the answer, “Yes, so long as the bag didn’t melt or change shape” appeared in my results.
Whew. Crisis averted.
I quickly discarded the evidence and we proceeded with the ceremonious carving of the turkey; although my parents got a pretty good kick out of it.
Now, how does this relate to estate planning?
Well, think of that turkey as your estate plan - specifically, your Living Revocable Trust.
On the outside, everything looks deliciously promising, but if you’ve got a trust that owns no assets, you might just be serving up a whole lot of nothing.
Just like that turkey, your estate plan might look great on paper, but without the right ingredients—like actual assets in your trust—you’ll end up needing a probate process that’s as messy as trying to carve a turkey with a butter knife.
Trusts work great to avoid probate when they are properly organized, but unfortunately we see many clients with existing trusts that have not been funded.
If a trust is unfunded, it doesn’t control anything. After all, a trust only controls the assets that are properly titled in it, or that pour over into it after your passing. Unfunded trusts unfortunately give families a false sense of security that their affairs are organized when in reality they are not.
When we establish trusts in our office, we prepare an Asset List of our client’s assets and identify how each asset will be properly moved into the trust. We do the heavy lifting where we can (deeding real property, preparing assignments for tangible personal property and business interests, etc.) and give the client the tools they need to reorganize their financial accounts. We’ll also work with our client’s financial advisor to ensure that the plan gets funded so that it actually works.
Moving forward, we proactively reach out to our clients every three years to ask if anything has changed or if they’ve purchased or acquired any new assets that need to be included.
So, as you prepare for this year’s Thanksgiving dinner, remember that just like your turkey, your estate plan needs to be more than just a pretty package.
Because as I’ve learned the hard way, nobody wants an estate plan (or a turkey) full of surprises.
Happy Thanksgiving to you and yours from everyone at My Pink Lawyer®,
Amanda “I’ll take the dark meat with a side of BPA” Lynch Elliott
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