The Big Three: Essential Decisions for Your Estate Plan

In this episode, Vidhya walks through three essential decisions you'll need to make when creating your estate plan. She introduces the "money hat" (who will manage your finances if you are incapacitated), the "medical hat" (who will make healthcare decisions for you), and the guardian for your children. She explains how important it is to choose the right people for each role, and why these individuals may not always be the same.

She also discusses the complexities of selecting one or more trustees, how to address potential conflicts, and key considerations for married couples, such as whether a revocable trust should become partially irrevocable after the first spouse's death. With insights into community property laws, potential tax advantages, and the importance of updating your plan over time, this episode provides a deep dive into the decision-making process.

In this episode, you will learn:

• The three major roles to fill in your estate plan: financial, medical, and guardianship.


• Key considerations when selecting trustees and whether to choose one or two people.


• What married couples need to know about revocable vs. irrevocable trusts.


• How community and separate property laws in California affect estate planning.


• Why it's important to review your estate plan every few years or after life events.


• And more

Chapters:

00:00 - Intro

00:24 - The ‘money hat’ - who will make financial decisions?

01:34 - The ‘non-money hat’ - who will make healthcare decisions and take care of your children?

02:14 - Anticipating issues that can arise

03:17 - Choosing trustees

04:00 - Naming a married couple as trustees

04:32 - Naming a guardian

05:17 - Decisions for married couples

06:12 - Structuring trusts in a marriage

07:52 - Portability

08:47 - Community property and separate property

09:33 - How your estate planning attorney can help

10:21 - Updating your estate plan periodically

The content of this podcast is provided for informational purposes only and is not intended to constitute legal advice. You should not rely upon any information contained on this podcast for legal advice. Listening to this podcast is not intended to and shall not create an attorney-client relationship between you and Vidhya Babu or you and the Law Office of Vidhya Babu, APC. Messages or other forms of communication that you transmit to this podcast will not create an attorney-client relationship, and thus information contained in such communications may not be protected as privileged. Neither Vidhya Babu nor the Law Office of Vidhya Babu, APC  makes any representation, warranty, or guarantee about the accuracy of the information contained in this podcast or in links to other podcasts or websites. This podcast is provided “"as is,” and does not represent any outcome or result from viewing this channel. Your use of this podcast is at your own risk. You enjoy this podcast and its contents only for personal, non-commercial purposes. Neither Vidhya Babu nor the Law Office of Vidhya Babu, APC, nor anyone acting on their behalf, will be liable under any circumstances for damages of any kind.

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