Estate planning often looks complete on paper—but too often fails in practice.
In this episode, Matt and Jodi focus on what actually makes an estate plan work: understanding trusts, funding them properly, and coordinating legal documents with real-world accounts.
Trusts, Explained Simply
Jodi describes a trust as a basket that holds your assets, along with written instructions for how those assets should be managed and distributed.The discussion centers on two common trust types:
· Revocable trusts offer flexibility and control during your lifetime and are often used to avoid probate.
· Irrevocable trusts limit flexibility but can provide asset protection, tax planning benefits, or help with government benefit qualification.
Knowing the difference helps families decide whether basic documents are enough—or whether more advanced planning is warranted.
Why Probate and Implementation Matter
Probate is often overlooked, but it carries real costs:· Typically 3–5% of total asset value
· Public, slow, and administrative
Trusts only work if they are properly funded. That means retitling assets and aligning beneficiary designations. An unfunded trust—even a well-drafted one—may do little more than create a false sense of security.
The Most Common Mistake We See
Many families have solid legal documents, but their financial accounts tell a different story.Retirement accounts, beneficiary designations, and account titling must all coordinate with the estate plan. Without that coordination, assets may still pass through probate or end up distributed in unintended ways.
Planning for the Unknown
Even financially responsible heirs face future risks—divorce, lawsuits, remarriage, or financial pressure later in life.Trust planning can allow beneficiaries full access to assets while helping protect those assets from becoming exposed to circumstances no one can predict today.
Key Takeaways
· Estate planning requires both documentation and implementation· Trusts must be properly funded to work as intended
· Coordination between your attorney and financial advisor is essential
· Plans should be reviewed every 3–5 years, or after major life events
In Closing
Good estate planning isn’t about complexity—it’s about clarity and follow-through.
If you’re unsure whether your accounts match your documents, or if your plan hasn’t been reviewed recently, it may be time for a closer look.
You can listen to the full conversation on Apple Podcasts or Spotify.
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Benetas Wealth
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Matt Murphy President
- December 17, 2025
- (407) 315-3681
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