The Importance of an Estate Plan, Part 2

Anywhere from 50% to 60% of Americans don’t have a will. Does this surprise you? However, more and more people are becoming more aware of the 6th pillar of the Redefining Wealth Process, estate planning. On today’s episode, we are continuing our conversation on estate planning and why it’s so important for you and your family. We will explore the key documents you need to consider when building out your estate plan and the types of trusts that may be applicable to your situation. 

Your Power of Attorney is really the starting point for a sound estate plan. This document is essential for everyone, whether you have a trust or will. You’ll need a Power of Attorney for both your finances and healthcare. You need someone that can step in if incapacitation has occurred. Even with legal documents, sometimes custodians request an order from probate or their own documents. If you’re doing estate planning yourself rather than with a financial professional and attorney, these are the nuances you’ll probably be missing. 

State laws seem to change rapidly, so you must review your estate plan on an annual basis. Courts can challenge and scrutinize these documents if they aren’t up to date. Furthermore, giving an agent broad legal authority over principles of property with very little detail instructions may lead to an abuse of power. The Power of Attorney is used for specific circumstances, but is of great value in conjunction with a revocable living trust which can protect you, your family, and your property against these dangers. Join us as we further discuss the documents, trusts, and, professionals you need to be working with to stay protected and safe, financially and beyond. 

Further reading mentioned in today’s show >> 

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