January 30, 2025 • 22 mins
Estate Planning & Related Services
I. Introduction
This briefing document summarizes information from three distinct sources, each offering unique perspectives on estate planning and related services:
- LegalZoom "Estate planning bundle": A commercial entity offering online estate planning services and legal document creation.
- USAGov "Making government services easier to find": A government resource providing information on various government benefits, programs, and services.
- National Association of Estate Planners & Councils (NAEPC): A professional organization for estate planning professionals, offering networking, education, and credentials.
The goal is to provide a comprehensive overview of the themes and information relating to estate planning, from practical document creation to professional standards and government resources.
II. Key Themes & Ideas
A. The Importance of Estate Planning (LegalZoom)
- Beyond Legal Documents: Estate planning is presented not just as a process of creating legal documents but as a crucial step in taking care of family needs, both now and in the future. "Estate planning is how you take care of your family's needs now and in the future."
- Peace of Mind: A key benefit highlighted is the peace of mind that estate planning provides, for both the individual and their loved ones.
- Protecting Children: A primary concern is the protection of minor children, emphasizing the importance of choosing a trusted guardian. "Choose a trusted guardian to take care of your minor children should anything happen to you."
- Communicating Wishes: Estate planning allows individuals to clearly communicate their financial and healthcare wishes and appoint trusted decision-makers.
- Comprehensive and Affordable: LegalZoom aims to offer comprehensive estate plans at various price points, including Basic and Premium Wills and Trusts.
- Avoiding Probate: The benefits of a living trust in avoiding the potentially costly and time-consuming probate court process are highlighted. "With a living trust, your loved ones can avoid probate court, which can be costly and time consuming in some states."
- Attorney Support: LegalZoom emphasizes attorney support, with premium packages including attorney review and consultation.
B. Core Components of Estate Plans (LegalZoom)
- Last Will and Testament or Living Trust: The core of an estate plan, determining who receives assets and, in the case of wills, allows for the nomination of guardians for children.
- Financial Power of Attorney: Allows a designated person to manage financial affairs if the individual becomes unable. "Nominate someone you trust to keep your financial affairs in order when you can't do it yourself. This can include paying bills, collecting income, and more."
- Healthcare Directive: Provides instructions for medical treatment and designates a healthcare proxy to make medical decisions when the individual cannot.
- HIPAA Authorization: Grants permission to healthcare providers to release health information to designated individuals.
- Benefits by Plan: LegalZoom offers basic and premium versions of both Wills and Trusts, with enhanced services in the premium versions like attorney review and more support.
- Hassle-Free and Accepted: LegalZoom's services are touted as hassle-free, requiring no in-person lawyer visits and their legal documents are accepted in all 50 states.
C. Government Resources for Life Events (USAGov)
- Acces
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Okay, so estate planning yeah, it's not exactly
the most thrilling topic.
Speaker 2 (00:06):
Right.
Speaker 1 (00:06):
But it's important stuff.
Speaker 2 (00:07):
Oh, absolutely.
I mean you want to make sureyour loved ones are taken care
of.
Speaker 1 (00:10):
Right and like your wishes are actually followed
Exactly, no matter what happens.
So we're going to do a deepdive today and try to like cut
through all the legal jargon andmake it understandable, maybe
even interesting, who knows?
Well, we can legal jargon andmake it understandable, maybe
even interesting.
Who knows, we can try.
Okay, so to help us with this,we've got some great resources.
We've got info from LegalZoom,which is pretty popular for
(00:33):
online legal services.
A lot of people use them.
And then we've got someinsights from the National
Association of Estate Plannersand Councils, or NAEPC for short
.
Speaker 2 (00:43):
Right.
Speaker 1 (00:43):
And of course, you can't forget about good old
USAgov.
Speaker 2 (00:47):
Always helpful.
Speaker 1 (00:48):
To figure out, like all the government services
stuff.
Speaker 2 (00:50):
Yeah, for sure.
Speaker 1 (00:51):
So it seems like we're pretty well equipped to
like demystify this wholeprocess.
Speaker 2 (00:56):
Absolutely.
Speaker 1 (00:57):
Okay, so where do we even start?
Like, what are the must knowthings about estate planning?
Right, I think a lot of people.
They just think it's about,like, what happens after you're
gone.
Speaker 2 (01:06):
Right.
Speaker 1 (01:06):
But LegalZoom seems to be saying it's a lot more
than that.
Speaker 2 (01:09):
Oh yeah, for sure.
Speaker 1 (01:10):
Yeah.
Speaker 2 (01:11):
It's not just about death.
It's about providing for yourloved ones now and in the future
.
Okay, think of it like a safetynet.
Speaker 1 (01:18):
Mm-hmm.
Speaker 2 (01:19):
Not just like financially, yeah, but just
their overall well-being, yeah.
Speaker 1 (01:24):
You know, OK.
Speaker 2 (01:25):
So if something unexpected happens, right,
wouldn't you feel better,knowing that you've already
taken steps to protect yourfamily?
Speaker 1 (01:34):
Oh, totally so.
It's all about that peace ofmind thing Exactly.
I see, ok, legalzoom also talksabout how important it is to
think about guardianship foryoung children.
Speaker 2 (01:43):
Oh yeah.
Speaker 1 (01:43):
Which makes sense, of course, like if you have young
children.
Speaker 2 (01:46):
It's crucial.
That's what estate planninghelps you answer those tough
questions like yeah.
Who will raise your children ifyou can't?
Speaker 1 (01:53):
Right.
Speaker 2 (01:53):
Who makes financial and health care decisions for
them?
Speaker 1 (01:56):
Oh wow, yeah, I know it's not Middy stuff.
Speaker 2 (02:00):
Not the most fun thing to think about, but
definitely essential.
Speaker 1 (02:03):
Yeah, definitely.
And it's not even just aboutkids, right Right.
Legal Zoom had a story aboutone of their clients, rose G,
and she was saying how shereally appreciated having a
lawyer actually look over herestate planning documents.
It made her feel more confidentthat everything was in order.
Speaker 2 (02:20):
Absolutely.
I mean, having thatprofessional guidance is so
valuable, especially when you'redealing with complex legal
matters like estate planning arelike simpler and more
affordable.
Speaker 1 (02:29):
Yeah, but they mentioned something about
probate court Right and thentrusts.
They seem to offer like moreprotection but they cost more.
Speaker 2 (02:51):
Yeah.
Speaker 1 (02:51):
So what's the deal with all that?
Speaker 2 (02:53):
So that's where understanding probate comes in.
Yeah, basically, probate is thelegal process of validating a
will Okay, and making sure yourassets are distributed correctly
.
The thing is, it can get reallyexpensive and drag on for a
long time, depending on likewhat state you live in oh, okay.
And NAEPC really emphasizes howimportant it is to actually
(03:14):
consider those potential costswhen you're making that decision
.
Speaker 1 (03:19):
So with the trust you can potentially avoid probate
altogether.
Speaker 2 (03:23):
Yeah, potentially.
Speaker 1 (03:24):
Okay, and NAEPC mentioned that trusts can also
give you more control over howyour assets are distributed and
maybe even reduce estate taxes.
Speaker 2 (03:32):
That's right, okay.
Trusts just offer moreflexibility and control that
wills just can't match.
That's one of the reasons whypeople choose trusts, even
though they are more complex toset up.
Speaker 1 (03:41):
Yeah, that makes sense.
So it's not just about willsand trusts, right?
Speaker 2 (03:45):
Right.
Speaker 1 (03:45):
Like LegalZoom, also talked about other important
documents like financial powerof attorney a health care
directive and something called apay authorization.
Speaker 2 (03:55):
Right.
Those are all essential partsof a comprehensive estate plan.
Speaker 1 (03:59):
Yeah.
Speaker 2 (03:59):
So the financial power of attorney lets you
choose someone to handle yourfinances if you're ever unable
to.
And then the health caredirective.
Speaker 1 (04:06):
Yeah.
Speaker 2 (04:06):
It's kind of like having your voice heard when you
can't speech for yourself.
Speaker 1 (04:09):
Right.
Speaker 2 (04:10):
It lays out what kind of medical treatment you do or
do not want, which is especiallyimportant if you're in a
situation where you can't makethose decisions yourself.
Speaker 1 (04:18):
Right, absolutely, and the high pay authorization.
Speaker 2 (04:21):
That's about controlling who can access your
health information.
Yeah, okay.
If it's needed, gotcha.
Speaker 1 (04:25):
So it seems like a big theme here is like being
proactive and taking control ofyour future.
Speaker 2 (04:30):
Yes.
Speaker 1 (04:31):
But where do you even begin to find the right person
to guide you through all this?
I know you mentioned NAEPCearlier.
Speaker 2 (04:38):
Yeah, naepc is a great resource.
They actually have a databaseof accredited estate planners,
or AEPs.
Speaker 1 (04:46):
Okay.
Speaker 2 (04:46):
And these folks have a special graduate level
designation.
Wow.
So you know, they really knowtheir stuff when it comes to
estate planning.
Okay, they understand all theins and outs of law, finance and
even like family dynamics.
Speaker 1 (05:01):
Oh wow, they really have to be multi-talented, and
it sounds like NAEPC offersresources for these
professionals too.
Speaker 2 (05:08):
Yes.
Speaker 1 (05:08):
Not just individuals looking for help with their
estate planning.
Like what kind of resources?
Speaker 2 (05:13):
Well, they have this journal, the Journal of Estate
and Tax Planning, which goesreally deep into, like, the
latest research and trends, okay, and they also hold conferences
to make sure everyone's up todate on the latest developments
in the field, because it is aconstantly evolving area.
Speaker 1 (05:27):
Gotcha, so ongoing education is crucial.
Speaker 2 (05:31):
Yes, very much so.
Speaker 1 (05:32):
It's good to know that there are organizations
like NAEPC dedicated to makingsure the quality of estate
planning advice is pop notch.
It gives you confidence thatyou're getting good advice.
So we've got the legal sidecovered.
Speaker 2 (05:44):
Right.
Speaker 1 (05:44):
But I know you mentioned USAgov earlier too.
Speaker 2 (05:47):
Yes.
Speaker 1 (05:48):
Why would we need to look at a government website for
estate planning?
Speaker 2 (05:52):
Well, you might be surprised how often government
services come into play withestate planning.
Speaker 1 (05:56):
Really.
Speaker 2 (05:57):
Yeah, you might need information on benefits, taxes
or even things like replacingvital records.
All of that can be found onUSAgov.
Speaker 1 (06:04):
So it's like a one-stop shop.
Speaker 2 (06:06):
Exactly.
It's there to help you cutthrough all that bureaucratic
red tape.
Speaker 1 (06:10):
Oh man, I can definitely see how that would
come in handy.
Speaker 2 (06:13):
Yeah, it can get overwhelming.
Yeah, trying to navigate allthose government websites.
Speaker 1 (06:16):
It sounds like USAgov is trying to make it a little
easier for us.
That's the goal.
Speaker 2 (06:25):
I like that, yeah, leveraging technology to make
essential information accessibleto everyone.
I love that.
Speaker 1 (06:28):
Yeah, okay, so we've covered a lot in this first part
of our deep dive.
Speaker 2 (06:33):
We have.
Speaker 1 (06:33):
From the basics of wills and trust to the
importance of having a plan foryour health care and finances.
But one thing that stood out tome is this whole idea of peace
of mind.
Speaker 2 (06:44):
Yes, that.
Speaker 1 (06:44):
LegalZoom kept mentioning.
Speaker 2 (06:46):
It's important.
Speaker 1 (06:47):
Yeah, it sounds like that's really in the heart of
why estate planning is soimportant.
Speaker 2 (06:51):
It is.
It's not just about thedocuments themselves.
Right, it's about knowing thatyou've taken steps to protect
your family.
Speaker 1 (06:59):
Yeah.
Speaker 2 (06:59):
And make sure your wishes are followed Right.
That feeling of security isinvaluable.
Speaker 1 (07:11):
Absolutely.
But like, how do you even goabout finding that peace of mind
?
Speaker 2 (07:12):
Like, what are the actual steps involved in
creating an estate plan.
Well, that's a great transitionto our next segment.
Speaker 1 (07:16):
Okay.
Speaker 2 (07:16):
Where we'll dive even deeper into the nitty gritty of
estate planning.
We'll give you concrete tipsand advice that you can actually
use to build a plan that worksfor you.
Speaker 1 (07:26):
I'm ready to get into the details.
Stick around as we continue ourdeep dive into the world of
estate planning.
Speaker 2 (07:31):
We'll be right back.
Speaker 1 (07:32):
Right after this.
Speaker 2 (07:33):
So you're ready to get into the practical steps
then?
Speaker 1 (07:37):
Yeah, that's exactly what I was wondering.
I'm feeling a lot more informedabout the why of estate
planning.
Speaker 2 (07:43):
Right.
Speaker 1 (07:43):
But the how still feels a bit mysterious.
Okay, it's like okay, I knowthis is important, but like,
where do I actually begin?
Speaker 2 (07:51):
Well, I think a good place to start is with yourself
actually.
Okay, like, take some time tothink about what peace of mind
really means to you in thiscontext.
Like, what are you most worriedabout when it comes to
protecting your loved ones andmaking sure your wishes are
honored?
Speaker 1 (08:06):
Yeah, that's a good point, Like taking that time for
self-reflection can really helpclarify what you want to
achieve.
Speaker 2 (08:13):
Exactly With your estate plan Right.
Speaker 1 (08:15):
It makes it more personal and less about just
filling out forms.
Speaker 2 (08:19):
Exactly.
Once you have a better sense ofyour priorities, it's time to
take inventory of your assets.
Oh, okay, so think abouteverything you own.
Once you have a better sense ofyour priorities, it's time to
take inventory of your assets.
Speaker 1 (08:25):
OK.
Speaker 2 (08:25):
So think about everything you own Bank accounts
, property, investments.
Speaker 1 (08:29):
Yeah.
Speaker 2 (08:30):
Retirement funds even like valuable personal
belongings.
Speaker 1 (08:35):
Oh OK.
Speaker 2 (08:35):
It doesn't have to be like a fancy spreadsheet or
anything, just like a clearpicture of what you need to
account for.
Speaker 1 (08:41):
OK, so it's like taking stock of your life.
Yeah, financially speaking.
Exactly you of what you need toaccount for.
Speaker 2 (08:44):
Okay, so it's like taking stock of your life.
Speaker 1 (08:45):
Yeah, financially speaking, exactly, you mentioned
this earlier.
But I'm curious about, like,the beneficiary part.
Speaker 2 (08:48):
Okay.
Speaker 1 (08:49):
How do you decide who gets what?
Speaker 2 (08:51):
Right.
Speaker 1 (08:51):
Especially like when families can be complicated.
Speaker 2 (08:53):
Well, families are not always straightforward.
Speaker 1 (08:55):
Yeah.
Speaker 2 (08:56):
And that's why it's so important to be specific
about who you want to inherityour assets.
Okay, whoever you want tobenefit from your estate.
Speaker 1 (09:06):
Okay.
Speaker 2 (09:07):
And remember you can update your beneficiaries later
on if things change, like if youget married or have more
children.
Speaker 1 (09:13):
So it's not set in stone.
Speaker 2 (09:14):
Right.
Speaker 1 (09:15):
Flexibility is key.
Okay, so you've taken inventory.
You've thought about yourbeneficiaries.
What's like the next step inbuilding an estate plan?
Speaker 2 (09:25):
Now comes the big decision Choosing the type of
plan that's right for you.
Okay, we've talked about willsand trusts, but those aren't the
only options Right.
There are other things toconsider, like those financial
power of attorney and healthcare directives that LegalZoom
mentioned.
Speaker 1 (09:39):
Right, those are about more than just your stuff.
Speaker 2 (09:42):
Exactly.
Speaker 1 (09:42):
They're about like who makes decisions for you if
you can't?
Speaker 2 (09:46):
Exactly.
You're essentially picking thepeople you trust the most to
handle your finances and yourhealth care if something happens
and you can't do it yourself.
Speaker 1 (09:54):
Right.
Speaker 2 (09:55):
Those are big decisions, not something to take
lightly.
Speaker 1 (09:58):
Yeah, it makes you realize how important those
personal relationships are,especially when it comes to
something as important as, likeyour well-being and your legacy.
Speaker 2 (10:07):
Absolutely, and this is where having a knowledgeable
guide can be invaluable.
Speaker 1 (10:11):
Okay.
Speaker 2 (10:12):
Like an accredited estate planner.
They can help you understandall those nuances of the
different estate planningoptions.
Speaker 1 (10:19):
Yeah.
Speaker 2 (10:19):
And make sure you're choosing a plan that aligns with
your values and your goals.
Speaker 1 (10:23):
It seems like having that expert advice can really
help like simplify the process,oh for, sure.
And make it less overwhelming.
Absolutely, I know any EPC hasthat directory of accredited
estate planners.
So, we'll definitely includethat link in the show notes.
Speaker 2 (10:38):
Yes, great idea.
Speaker 1 (10:39):
Speaking of any EPC.
I was looking at their website,yeah, and I was super impressed
with, like the range ofresources they offer.
Speaker 2 (10:47):
Oh yeah.
Speaker 1 (10:47):
They've got this journal, the Journal of Estate
and Tax Planning, which lookslike a real deep dive.
Speaker 2 (10:53):
It is.
Speaker 1 (10:54):
Into, like all the latest research and trends.
Speaker 2 (10:56):
Very in-depth.
Speaker 1 (10:57):
And they also hold conferences and workshops for
professionals to stay on top ofeverything.
It's great to know that there'san organization dedicated to
like maintaining those highstandards.
Speaker 2 (11:08):
Absolutely In the estate planning field.
Yes, very important.
Speaker 1 (11:11):
It gives you confidence that you're getting
good advice.
Speaker 2 (11:14):
For sure.
Speaker 1 (11:15):
So we've got the legal documents, the experts who
can help, right.
What about the role ofgovernment services in all this?
Speaker 2 (11:21):
Okay.
Speaker 1 (11:22):
I know we talked about USAgov before, but I'm
still a little fuzzy on how itall fits in.
Speaker 2 (11:29):
Yeah, that's a good question.
It's easy to overlook thegovernment side of things.
Yeah, but you'd be surprisedhow often you might need
information or services fromgovernment agencies.
Okay, when you're dealing withestate planning, for example you
might need to find informationon Social Security benefits for
your survivors Right, or maybeyou need to replace a lost
Social Security benefits foryour survivors.
Speaker 1 (11:49):
Right.
Speaker 2 (11:50):
Or maybe you need to replace a lost birth certificate
for a beneficiary.
Speaker 1 (11:54):
Okay, things like that, so it's not just about
like taxes or death certificates.
Speaker 2 (11:58):
No, it can be a wide range of things, depending on
your situation.
Speaker 1 (12:01):
Right.
Speaker 2 (12:02):
And that's where USAgov comes in.
It's designed to be thatcentral hub.
Speaker 1 (12:06):
Yeah.
Speaker 2 (12:07):
Where you can find information on all sorts of
government services and benefits.
Speaker 1 (12:10):
That makes sense.
It's like a shortcut.
Speaker 2 (12:12):
Exactly.
Speaker 1 (12:13):
Through like the bureaucratic maze.
Speaker 2 (12:14):
Yes.
Speaker 1 (12:15):
It can save you a lot of time and frustration.
Speaker 2 (12:17):
And headaches.
Don't forget the headaches.
Oh yeah, definitely.
Speaker 1 (12:19):
Yeah, okay.
So we've talked about takinginventory, choosing
beneficiaries Right, picking aplan, getting expert help.
It seems like we're gettingcloser to like actually having a
finished estate plan.
Speaker 2 (12:33):
We are.
Speaker 1 (12:34):
What's the next step?
Speaker 2 (12:35):
Well, you've done all the groundwork, you've made all
the decisions.
Now it's time to make itofficial.
Speaker 1 (12:40):
OK.
Speaker 2 (12:41):
This is where you'll want to work with an attorney to
actually draft your legaldocuments.
Speaker 1 (12:47):
OK.
Speaker 2 (12:48):
And make sure that they're like airtight.
Speaker 1 (12:50):
So it's not enough to just have it all figured out in
your head.
Speaker 2 (12:53):
Right.
Speaker 1 (12:54):
You need to like get it down on paper, legally
speaking.
Speaker 2 (12:57):
Exactly.
Your attorney will make sureeverything's written correctly,
signed and witnessed.
Speaker 1 (13:03):
Oh, wow.
Speaker 2 (13:03):
According to your state's laws.
So they'll help you dot yourI's and cross your tits, so to
speak.
That's a relief, good, sothey'll help you dot your I's
and cross your tits so to speak.
That's a relief.
Speaker 1 (13:09):
Good, I'm starting to see how having an expert on
board can really make this wholeprocess less intimidating.
Speaker 2 (13:15):
Absolutely.
Speaker 1 (13:16):
Like they can guide you through each step and answer
any questions you have alongthe way.
Speaker 2 (13:20):
Exactly.
They're your advocate and youradvisor, making sure that your
interests are protected.
Speaker 1 (13:26):
Okay.
Speaker 2 (13:27):
And that your wishes are clearly stated in your
estate plan.
Speaker 1 (13:31):
So what happens once you've got like all your
documents in order?
Is that it Is your estate plandone.
Speaker 2 (13:36):
Well, it's tempting to think that once you've got
the paperwork, you're good to go.
Speaker 1 (13:39):
Right.
Speaker 2 (13:40):
But remember, life is always changing.
Speaker 1 (13:42):
That's true.
Speaker 2 (13:42):
You might get married , have kids, start a business.
Speaker 1 (13:45):
Right.
Speaker 2 (13:45):
Go through other major life events that could
impact your estate plan it's nota set it and forget it kind of
thing exactly just like you needto update your will when you
have a new baby, right, youmight need to revise other parts
of your estate plan as yourlife evolves, so it's a good
idea to review your planperiodically, maybe every few
years or whenever you experiencelike a significant life change.
Speaker 1 (14:09):
So it's like getting regular checkups?
Yes, but for your financial andlegal well-being.
Speaker 2 (14:15):
That's a great way to think about it.
Speaker 1 (14:16):
I like that.
Speaker 2 (14:17):
And just like you wouldn't skip a checkup with
your doctor, you shouldn'tneglect your estate plan.
Okay, it's an investment inyour peace of mind and the
security of your loved ones.
Speaker 1 (14:27):
So what are some of the triggers that might signal
it's time to revisit your estateplan?
Speaker 2 (14:32):
Okay.
Speaker 1 (14:32):
What kind of life changes?
Speaker 2 (14:34):
Well, they're the obvious ones, like marriage,
divorce, having children.
Speaker 1 (14:37):
Right.
Speaker 2 (14:38):
But other things can also warrant a review.
Okay, for example, maybe youstarted a new business or you
inherited a significant amountof money or property.
Speaker 1 (14:49):
Oh, ok, or maybe you move to a different state?
Yes, since you mentioned thatstate laws can impact things
like probate.
Speaker 2 (14:55):
That's a really good point.
Moving to a new state candefinitely have implications for
your estate plan.
Speaker 1 (15:00):
Yeah.
Speaker 2 (15:05):
So it's always wise to consult with an attorney to
make sure your documents arestill valid and compliant with
the laws of your new home state,Documents are still valid and
compliant with the laws of yournew home state.
Speaker 1 (15:11):
It seems like having that ongoing relationship with
an estate planning professionalcan be really helpful, not just
for creating the initial planbut for keeping it up to date as
well.
Speaker 2 (15:19):
Absolutely.
An experienced estate plannercan help you navigate all the
twists and turns of life andmake sure your plan is always
reflecting your currentcircumstances and goals.
Speaker 1 (15:31):
Okay, so we've talked about the ongoing nature of
estate planning.
Speaker 2 (15:34):
Yes.
Speaker 1 (15:35):
It's not a one-time thing.
Speaker 2 (15:36):
Right.
Speaker 1 (15:36):
It's like an evolving process.
Speaker 2 (15:38):
It is.
Speaker 1 (15:39):
But I'm curious what are some of the specific things
that people should be thinkingabout when they're reviewing
their estate plan?
Speaker 2 (15:46):
Right.
Speaker 1 (15:46):
What are, like, the key areas to focus on?
Speaker 2 (15:49):
That's a great question and it leads us
perfectly into our next segment.
Speaker 1 (15:52):
Okay.
Speaker 2 (15:53):
Where we'll delve into the nitty gritty of estate
plan reviews.
Speaker 1 (15:55):
Right.
Speaker 2 (15:56):
We'll give you like a checklist of things to consider
Ooh, a checklist and some tipson how to make sure your plan is
always working for you.
Speaker 1 (16:03):
I'm ready to get into the details.
Stay tuned as we continue ourdeep dive into the world of
estate planning.
Okay, so you've convinced methat estate planning it's like
something you need to keep tabson.
Speaker 2 (16:14):
Yeah.
Speaker 1 (16:14):
Not just a one and done deal.
Speaker 2 (16:16):
It's not a one-time thing, no.
Speaker 1 (16:18):
But what does that actually look like?
Right, like, what are thethings you should be paying
attention to?
When you're going back and likereviewing your plan.
Speaker 2 (16:26):
So that's where getting into the nitty gritty
can really help put your mind atease.
Okay, it's like having achecklist.
Speaker 1 (16:33):
Oh, I love a good checklist To make sure you
haven't missed anythingimportant.
So what's on the estateplanning checklist?
Speaker 2 (16:39):
Well, first and foremost, you want to take a
look at your beneficiaries.
Okay, have there been any majorchanges in your relationships?
Maybe you've gotten married,had kids or sadly experienced a
loss.
Right, yeah, I can see howthose like big life events would
definitely mean needing toupdate your beneficiaries
Absolutely, and it's not justabout like adding or removing
(17:00):
names Right, you also want toconsider if the proportions
you've allocated still makesense.
Speaker 1 (17:05):
What do you mean by proportions?
Speaker 2 (17:07):
So it's about making sure the way your assets are
divided still reflects yourwishes.
Okay, for example, maybe youinitially left everything split
equally between your twochildren, but now one is facing
financial challenges while theother is doing quite well.
Speaker 1 (17:23):
Right.
Speaker 2 (17:24):
You might want to adjust things to provide more
support, might want to adjustthings to provide more support,
and your estate plan should beflexible enough to adapt.
It should.
Speaker 1 (17:36):
What else should we be looking at when we're
reviewing our plan?
Speaker 2 (17:39):
Your assets, of course Right.
Have you acquired new property,investments or other valuable
possessions?
Speaker 1 (17:44):
Okay.
Speaker 2 (17:44):
It's important to make sure these are accounted
for in your plan, especially ifyou want to designate specific
items for certain beneficiaries.
Speaker 1 (17:51):
Makes sense.
You don't want to leaveanything to chance, right?
What about those otherdocuments we talked about, like
the financial power of attorneyand the health care directive?
Do those need to be revisitedas well?
Speaker 2 (18:02):
Absolutely yeah.
You'll want to make sure thepeople you've designated to make
financial and health caredecisions for you are still the
right choices, right.
Are they still capable?
Are they still the people youtrust the most?
It's important to reassessthose roles periodically,
especially if your relationshipshave changed.
Speaker 1 (18:20):
Right.
Speaker 2 (18:20):
Or if your chosen representatives are facing
health challenges of their own.
Speaker 1 (18:23):
It's like you're making sure your backup team is
still ready to step in if needed.
Speaker 2 (18:27):
Exactly.
Speaker 1 (18:28):
Speaking of backup, I know you've emphasized the
importance of working withprofessionals.
Speaker 2 (18:33):
Yes.
Speaker 1 (18:34):
Does that apply to the review process as well?
Speaker 2 (18:36):
Absolutely yeah.
While you can certainly reviewyour plan on your own, having an
expert eye can be invaluable.
Speaker 1 (18:44):
Right.
Speaker 2 (18:44):
An accredited estate planner can help you spot any
potential gaps or outdatedlanguage.
An accredited estate plannercan help you spot any potential
gaps or outdated language.
Okay, and make sure your planis still in line with, like the
latest laws and regulations.
Speaker 1 (18:55):
So it's like having a professional checkup.
Speaker 2 (18:57):
Yeah.
Speaker 1 (18:58):
For your estate plan.
Yeah, they can make sureeverything is still in tip top
shape.
It's good to know thatresources like the NAEPC
directory are out there.
Speaker 2 (19:06):
Right.
Speaker 1 (19:07):
To help people find those qualified professionals in
their area.
Yes definitely and remembereven if you initially created
your estate plan with an onlineservice like LegalZoom, you can
always consult with an AEP for amore personalized review and
guidance.
Speaker 2 (19:22):
Absolutely.
Speaker 1 (19:23):
Yeah, I'm starting to see how all these pieces fit
together the documents, theprofessionals, the government
resources.
It's a lot to consider, but itfeels a lot less overwhelming
when you break it down intothese manageable steps.
Speaker 2 (19:37):
That's what we're here for to help you demystify
the process and empower you totake control of your legacy.
Speaker 1 (19:43):
Well, you've definitely done that.
I feel much more equipped totackle my own estate planning
now.
But before we wrap up, is thereanything else our listeners
should keep in mind as theyembark on this journey?
Any final words of wisdom?
Speaker 2 (19:55):
I think the most important thing is to remember
that estate planning is not amorbid or depressing task.
Speaker 1 (20:01):
OK.
Speaker 2 (20:01):
It's an act of love and responsibility, a way to
ensure that your loved ones areprotected and your values are
carried forward.
It's about creating a legacythat reflects who you are and
what you care about.
Speaker 1 (20:13):
That's a beautiful way to put it.
Yeah, it's not just about themoney or the possessions, right,
it's about the people and thevalues Exactly that matter most
to you, and it's never too earlyto start thinking about these
things.
Okay.
Speaker 2 (20:25):
Even if you're young and don't have a lot of assets,
there are still importantdecisions you can make now that
will lay the foundation RightFor a secure, meaningful future.
Speaker 1 (20:35):
I love that Estate planning as a way to shape your
future.
Speaker 2 (20:38):
Yeah.
Speaker 1 (20:38):
Not just plan for your past.
Speaker 2 (20:40):
Exactly.
Speaker 1 (20:40):
And it sounds like the key is to find that balance
between being prepared Right andbeing adaptable.
Speaker 2 (20:46):
Absolutely, absolutely.
Life is unpredictable, so yourestate plan should be flexible
enough to evolve with you.
Speaker 1 (20:53):
Well, on that note, I think we've covered just about
everything we set out to explorein this deep dive.
Speaker 2 (20:59):
I think so.
Speaker 1 (20:59):
We've talked about the why, the what and the how of
estate planning, From theimportance of having a will to
the nuances of trusts and thevalue of professional guidance.
Speaker 2 (21:10):
We covered a lot.
Speaker 1 (21:11):
We did.
Speaker 2 (21:11):
It's been a comprehensive journey and I hope
our listeners feel empowered totake those next steps in their
own estate planning adventures.
Speaker 1 (21:20):
I know I do and remember you don't have to go it
alone.
You don't, we'll be sure toinclude links to all the
resources we mentioned in theshow notes, including LegalZoom,
naepc and USAgov.
Speaker 2 (21:32):
All great resources.
Speaker 1 (21:33):
And if you have any questions or need further
guidance, don't hesitate toreach out to a qualified estate
planning professional.
Speaker 2 (21:41):
Right.
Speaker 1 (21:41):
They're there to help you every step of the way.
Speaker 2 (21:43):
Absolutely.
Speaker 1 (21:44):
And to all our listeners, thanks for joining us
on this deep dive into theworld of estate planning.
Speaker 2 (21:49):
Yeah, thanks for listening.
Speaker 1 (21:50):
We'll see.
Okay, so estate planning yeah, it's not exactly
the most thrilling topic.
Speaker 2 (00:06):
Right.
Speaker 1 (00:06):
But it's important stuff.
Speaker 2 (00:07):
Oh, absolutely.
I mean you want to make sureyour loved ones are taken care
of.
Speaker 1 (00:10):
Right and like your wishes are actually followed
Exactly, no matter what happens.
So we're going to do a deepdive today and try to like cut
through all the legal jargon andmake it understandable, maybe
even interesting, who knows?
Well, we can legal jargon andmake it understandable, maybe
even interesting.
Who knows, we can try.
Okay, so to help us with this,we've got some great resources.
We've got info from LegalZoom,which is pretty popular for
(00:33):
online legal services.
A lot of people use them.
And then we've got someinsights from the National
Association of Estate Plannersand Councils, or NAEPC for short
.
Speaker 2 (00:43):
Right.
Speaker 1 (00:43):
And of course, you can't forget about good old
USAgov.
Speaker 2 (00:47):
Always helpful.
Speaker 1 (00:48):
To figure out, like all the government services
stuff.
Speaker 2 (00:50):
Yeah, for sure.
Speaker 1 (00:51):
So it seems like we're pretty well equipped to
like demystify this wholeprocess.
Speaker 2 (00:56):
Absolutely.
Speaker 1 (00:57):
Okay, so where do we even start?
Like, what are the must knowthings about estate planning?
Right, I think a lot of people.
They just think it's about,like, what happens after you're
gone.
Speaker 2 (01:06):
Right.
Speaker 1 (01:06):
But LegalZoom seems to be saying it's a lot more
than that.
Speaker 2 (01:09):
Oh yeah, for sure.
Speaker 1 (01:10):
Yeah.
Speaker 2 (01:11):
It's not just about death.
It's about providing for yourloved ones now and in the future
.
Okay, think of it like a safetynet.
Speaker 1 (01:18):
Mm-hmm.
Speaker 2 (01:19):
Not just like financially, yeah, but just
their overall well-being, yeah.
Speaker 1 (01:24):
You know, OK.
Speaker 2 (01:25):
So if something unexpected happens, right,
wouldn't you feel better,knowing that you've already
taken steps to protect yourfamily?
Speaker 1 (01:34):
Oh, totally so.
It's all about that peace ofmind thing Exactly.
I see, ok, legalzoom also talksabout how important it is to
think about guardianship foryoung children.
Speaker 2 (01:43):
Oh yeah.
Speaker 1 (01:43):
Which makes sense, of course, like if you have young
children.
Speaker 2 (01:46):
It's crucial.
That's what estate planninghelps you answer those tough
questions like yeah.
Who will raise your children ifyou can't?
Speaker 1 (01:53):
Right.
Speaker 2 (01:53):
Who makes financial and health care decisions for
them?
Speaker 1 (01:56):
Oh wow, yeah, I know it's not Middy stuff.
Speaker 2 (02:00):
Not the most fun thing to think about, but
definitely essential.
Speaker 1 (02:03):
Yeah, definitely.
And it's not even just aboutkids, right Right.
Legal Zoom had a story aboutone of their clients, rose G,
and she was saying how shereally appreciated having a
lawyer actually look over herestate planning documents.
It made her feel more confidentthat everything was in order.
Speaker 2 (02:20):
Absolutely.
I mean, having thatprofessional guidance is so
valuable, especially when you'redealing with complex legal
matters like estate planning arelike simpler and more
affordable.
Speaker 1 (02:29):
Yeah, but they mentioned something about
probate court Right and thentrusts.
They seem to offer like moreprotection but they cost more.
Speaker 2 (02:51):
Yeah.
Speaker 1 (02:51):
So what's the deal with all that?
Speaker 2 (02:53):
So that's where understanding probate comes in.
Yeah, basically, probate is thelegal process of validating a
will Okay, and making sure yourassets are distributed correctly
.
The thing is, it can get reallyexpensive and drag on for a
long time, depending on likewhat state you live in oh, okay.
And NAEPC really emphasizes howimportant it is to actually
(03:14):
consider those potential costswhen you're making that decision
.
Speaker 1 (03:19):
So with the trust you can potentially avoid probate
altogether.
Speaker 2 (03:23):
Yeah, potentially.
Speaker 1 (03:24):
Okay, and NAEPC mentioned that trusts can also
give you more control over howyour assets are distributed and
maybe even reduce estate taxes.
Speaker 2 (03:32):
That's right, okay.
Trusts just offer moreflexibility and control that
wills just can't match.
That's one of the reasons whypeople choose trusts, even
though they are more complex toset up.
Speaker 1 (03:41):
Yeah, that makes sense.
So it's not just about willsand trusts, right?
Speaker 2 (03:45):
Right.
Speaker 1 (03:45):
Like LegalZoom, also talked about other important
documents like financial powerof attorney a health care
directive and something called apay authorization.
Speaker 2 (03:55):
Right.
Those are all essential partsof a comprehensive estate plan.
Speaker 1 (03:59):
Yeah.
Speaker 2 (03:59):
So the financial power of attorney lets you
choose someone to handle yourfinances if you're ever unable
to.
And then the health caredirective.
Speaker 1 (04:06):
Yeah.
Speaker 2 (04:06):
It's kind of like having your voice heard when you
can't speech for yourself.
Speaker 1 (04:09):
Right.
Speaker 2 (04:10):
It lays out what kind of medical treatment you do or
do not want, which is especiallyimportant if you're in a
situation where you can't makethose decisions yourself.
Speaker 1 (04:18):
Right, absolutely, and the high pay authorization.
Speaker 2 (04:21):
That's about controlling who can access your
health information.
Yeah, okay.
If it's needed, gotcha.
Speaker 1 (04:25):
So it seems like a big theme here is like being
proactive and taking control ofyour future.
Speaker 2 (04:30):
Yes.
Speaker 1 (04:31):
But where do you even begin to find the right person
to guide you through all this?
I know you mentioned NAEPCearlier.
Speaker 2 (04:38):
Yeah, naepc is a great resource.
They actually have a databaseof accredited estate planners,
or AEPs.
Speaker 1 (04:46):
Okay.
Speaker 2 (04:46):
And these folks have a special graduate level
designation.
Wow.
So you know, they really knowtheir stuff when it comes to
estate planning.
Okay, they understand all theins and outs of law, finance and
even like family dynamics.
Speaker 1 (05:01):
Oh wow, they really have to be multi-talented, and
it sounds like NAEPC offersresources for these
professionals too.
Speaker 2 (05:08):
Yes.
Speaker 1 (05:08):
Not just individuals looking for help with their
estate planning.
Like what kind of resources?
Speaker 2 (05:13):
Well, they have this journal, the Journal of Estate
and Tax Planning, which goesreally deep into, like, the
latest research and trends, okay, and they also hold conferences
to make sure everyone's up todate on the latest developments
in the field, because it is aconstantly evolving area.
Speaker 1 (05:27):
Gotcha, so ongoing education is crucial.
Speaker 2 (05:31):
Yes, very much so.
Speaker 1 (05:32):
It's good to know that there are organizations
like NAEPC dedicated to makingsure the quality of estate
planning advice is pop notch.
It gives you confidence thatyou're getting good advice.
So we've got the legal sidecovered.
Speaker 2 (05:44):
Right.
Speaker 1 (05:44):
But I know you mentioned USAgov earlier too.
Speaker 2 (05:47):
Yes.
Speaker 1 (05:48):
Why would we need to look at a government website for
estate planning?
Speaker 2 (05:52):
Well, you might be surprised how often government
services come into play withestate planning.
Speaker 1 (05:56):
Really.
Speaker 2 (05:57):
Yeah, you might need information on benefits, taxes
or even things like replacingvital records.
All of that can be found onUSAgov.
Speaker 1 (06:04):
So it's like a one-stop shop.
Speaker 2 (06:06):
Exactly.
It's there to help you cutthrough all that bureaucratic
red tape.
Speaker 1 (06:10):
Oh man, I can definitely see how that would
come in handy.
Speaker 2 (06:13):
Yeah, it can get overwhelming.
Yeah, trying to navigate allthose government websites.
Speaker 1 (06:16):
It sounds like USAgov is trying to make it a little
easier for us.
That's the goal.
Speaker 2 (06:25):
I like that, yeah, leveraging technology to make
essential information accessibleto everyone.
I love that.
Speaker 1 (06:28):
Yeah, okay, so we've covered a lot in this first part
of our deep dive.
Speaker 2 (06:33):
We have.
Speaker 1 (06:33):
From the basics of wills and trust to the
importance of having a plan foryour health care and finances.
But one thing that stood out tome is this whole idea of peace
of mind.
Speaker 2 (06:44):
Yes, that.
Speaker 1 (06:44):
LegalZoom kept mentioning.
Speaker 2 (06:46):
It's important.
Speaker 1 (06:47):
Yeah, it sounds like that's really in the heart of
why estate planning is soimportant.
Speaker 2 (06:51):
It is.
It's not just about thedocuments themselves.
Right, it's about knowing thatyou've taken steps to protect
your family.
Speaker 1 (06:59):
Yeah.
Speaker 2 (06:59):
And make sure your wishes are followed Right.
That feeling of security isinvaluable.
Speaker 1 (07:11):
Absolutely.
But like, how do you even goabout finding that peace of mind
?
Speaker 2 (07:12):
Like, what are the actual steps involved in
creating an estate plan.
Well, that's a great transitionto our next segment.
Speaker 1 (07:16):
Okay.
Speaker 2 (07:16):
Where we'll dive even deeper into the nitty gritty of
estate planning.
We'll give you concrete tipsand advice that you can actually
use to build a plan that worksfor you.
Speaker 1 (07:26):
I'm ready to get into the details.
Stick around as we continue ourdeep dive into the world of
estate planning.
Speaker 2 (07:31):
We'll be right back.
Speaker 1 (07:32):
Right after this.
Speaker 2 (07:33):
So you're ready to get into the practical steps
then?
Speaker 1 (07:37):
Yeah, that's exactly what I was wondering.
I'm feeling a lot more informedabout the why of estate
planning.
Speaker 2 (07:43):
Right.
Speaker 1 (07:43):
But the how still feels a bit mysterious.
Okay, it's like okay, I knowthis is important, but like,
where do I actually begin?
Speaker 2 (07:51):
Well, I think a good place to start is with yourself
actually.
Okay, like, take some time tothink about what peace of mind
really means to you in thiscontext.
Like, what are you most worriedabout when it comes to
protecting your loved ones andmaking sure your wishes are
honored?
Speaker 1 (08:06):
Yeah, that's a good point, Like taking that time for
self-reflection can really helpclarify what you want to
achieve.
Speaker 2 (08:13):
Exactly With your estate plan Right.
Speaker 1 (08:15):
It makes it more personal and less about just
filling out forms.
Speaker 2 (08:19):
Exactly.
Once you have a better sense ofyour priorities, it's time to
take inventory of your assets.
Oh, okay, so think abouteverything you own.
Once you have a better sense ofyour priorities, it's time to
take inventory of your assets.
Speaker 1 (08:25):
OK.
Speaker 2 (08:25):
So think about everything you own Bank accounts
, property, investments.
Speaker 1 (08:29):
Yeah.
Speaker 2 (08:30):
Retirement funds even like valuable personal
belongings.
Speaker 1 (08:35):
Oh OK.
Speaker 2 (08:35):
It doesn't have to be like a fancy spreadsheet or
anything, just like a clearpicture of what you need to
account for.
Speaker 1 (08:41):
OK, so it's like taking stock of your life.
Yeah, financially speaking.
Exactly you of what you need toaccount for.
Speaker 2 (08:44):
Okay, so it's like taking stock of your life.
Speaker 1 (08:45):
Yeah, financially speaking, exactly, you mentioned
this earlier.
But I'm curious about, like,the beneficiary part.
Speaker 2 (08:48):
Okay.
Speaker 1 (08:49):
How do you decide who gets what?
Speaker 2 (08:51):
Right.
Speaker 1 (08:51):
Especially like when families can be complicated.
Speaker 2 (08:53):
Well, families are not always straightforward.
Speaker 1 (08:55):
Yeah.
Speaker 2 (08:56):
And that's why it's so important to be specific
about who you want to inherityour assets.
Okay, whoever you want tobenefit from your estate.
Speaker 1 (09:06):
Okay.
Speaker 2 (09:07):
And remember you can update your beneficiaries later
on if things change, like if youget married or have more
children.
Speaker 1 (09:13):
So it's not set in stone.
Speaker 2 (09:14):
Right.
Speaker 1 (09:15):
Flexibility is key.
Okay, so you've taken inventory.
You've thought about yourbeneficiaries.
What's like the next step inbuilding an estate plan?
Speaker 2 (09:25):
Now comes the big decision Choosing the type of
plan that's right for you.
Okay, we've talked about willsand trusts, but those aren't the
only options Right.
There are other things toconsider, like those financial
power of attorney and healthcare directives that LegalZoom
mentioned.
Speaker 1 (09:39):
Right, those are about more than just your stuff.
Speaker 2 (09:42):
Exactly.
Speaker 1 (09:42):
They're about like who makes decisions for you if
you can't?
Speaker 2 (09:46):
Exactly.
You're essentially picking thepeople you trust the most to
handle your finances and yourhealth care if something happens
and you can't do it yourself.
Speaker 1 (09:54):
Right.
Speaker 2 (09:55):
Those are big decisions, not something to take
lightly.
Speaker 1 (09:58):
Yeah, it makes you realize how important those
personal relationships are,especially when it comes to
something as important as, likeyour well-being and your legacy.
Speaker 2 (10:07):
Absolutely, and this is where having a knowledgeable
guide can be invaluable.
Speaker 1 (10:11):
Okay.
Speaker 2 (10:12):
Like an accredited estate planner.
They can help you understandall those nuances of the
different estate planningoptions.
Speaker 1 (10:19):
Yeah.
Speaker 2 (10:19):
And make sure you're choosing a plan that aligns with
your values and your goals.
Speaker 1 (10:23):
It seems like having that expert advice can really
help like simplify the process,oh for, sure.
And make it less overwhelming.
Absolutely, I know any EPC hasthat directory of accredited
estate planners.
So, we'll definitely includethat link in the show notes.
Speaker 2 (10:38):
Yes, great idea.
Speaker 1 (10:39):
Speaking of any EPC.
I was looking at their website,yeah, and I was super impressed
with, like the range ofresources they offer.
Speaker 2 (10:47):
Oh yeah.
Speaker 1 (10:47):
They've got this journal, the Journal of Estate
and Tax Planning, which lookslike a real deep dive.
Speaker 2 (10:53):
It is.
Speaker 1 (10:54):
Into, like all the latest research and trends.
Speaker 2 (10:56):
Very in-depth.
Speaker 1 (10:57):
And they also hold conferences and workshops for
professionals to stay on top ofeverything.
It's great to know that there'san organization dedicated to
like maintaining those highstandards.
Speaker 2 (11:08):
Absolutely In the estate planning field.
Yes, very important.
Speaker 1 (11:11):
It gives you confidence that you're getting
good advice.
Speaker 2 (11:14):
For sure.
Speaker 1 (11:15):
So we've got the legal documents, the experts who
can help, right.
What about the role ofgovernment services in all this?
Speaker 2 (11:21):
Okay.
Speaker 1 (11:22):
I know we talked about USAgov before, but I'm
still a little fuzzy on how itall fits in.
Speaker 2 (11:29):
Yeah, that's a good question.
It's easy to overlook thegovernment side of things.
Yeah, but you'd be surprisedhow often you might need
information or services fromgovernment agencies.
Okay, when you're dealing withestate planning, for example you
might need to find informationon Social Security benefits for
your survivors Right, or maybeyou need to replace a lost
Social Security benefits foryour survivors.
Speaker 1 (11:49):
Right.
Speaker 2 (11:50):
Or maybe you need to replace a lost birth certificate
for a beneficiary.
Speaker 1 (11:54):
Okay, things like that, so it's not just about
like taxes or death certificates.
Speaker 2 (11:58):
No, it can be a wide range of things, depending on
your situation.
Speaker 1 (12:01):
Right.
Speaker 2 (12:02):
And that's where USAgov comes in.
It's designed to be thatcentral hub.
Speaker 1 (12:06):
Yeah.
Speaker 2 (12:07):
Where you can find information on all sorts of
government services and benefits.
Speaker 1 (12:10):
That makes sense.
It's like a shortcut.
Speaker 2 (12:12):
Exactly.
Speaker 1 (12:13):
Through like the bureaucratic maze.
Speaker 2 (12:14):
Yes.
Speaker 1 (12:15):
It can save you a lot of time and frustration.
Speaker 2 (12:17):
And headaches.
Don't forget the headaches.
Oh yeah, definitely.
Speaker 1 (12:19):
Yeah, okay.
So we've talked about takinginventory, choosing
beneficiaries Right, picking aplan, getting expert help.
It seems like we're gettingcloser to like actually having a
finished estate plan.
Speaker 2 (12:33):
We are.
Speaker 1 (12:34):
What's the next step?
Speaker 2 (12:35):
Well, you've done all the groundwork, you've made all
the decisions.
Now it's time to make itofficial.
Speaker 1 (12:40):
OK.
Speaker 2 (12:41):
This is where you'll want to work with an attorney to
actually draft your legaldocuments.
Speaker 1 (12:47):
OK.
Speaker 2 (12:48):
And make sure that they're like airtight.
Speaker 1 (12:50):
So it's not enough to just have it all figured out in
your head.
Speaker 2 (12:53):
Right.
Speaker 1 (12:54):
You need to like get it down on paper, legally
speaking.
Speaker 2 (12:57):
Exactly.
Your attorney will make sureeverything's written correctly,
signed and witnessed.
Speaker 1 (13:03):
Oh, wow.
Speaker 2 (13:03):
According to your state's laws.
So they'll help you dot yourI's and cross your tits, so to
speak.
That's a relief, good, sothey'll help you dot your I's
and cross your tits so to speak.
That's a relief.
Speaker 1 (13:09):
Good, I'm starting to see how having an expert on
board can really make this wholeprocess less intimidating.
Speaker 2 (13:15):
Absolutely.
Speaker 1 (13:16):
Like they can guide you through each step and answer
any questions you have alongthe way.
Speaker 2 (13:20):
Exactly.
They're your advocate and youradvisor, making sure that your
interests are protected.
Speaker 1 (13:26):
Okay.
Speaker 2 (13:27):
And that your wishes are clearly stated in your
estate plan.
Speaker 1 (13:31):
So what happens once you've got like all your
documents in order?
Is that it Is your estate plandone.
Speaker 2 (13:36):
Well, it's tempting to think that once you've got
the paperwork, you're good to go.
Speaker 1 (13:39):
Right.
Speaker 2 (13:40):
But remember, life is always changing.
Speaker 1 (13:42):
That's true.
Speaker 2 (13:42):
You might get married , have kids, start a business.
Speaker 1 (13:45):
Right.
Speaker 2 (13:45):
Go through other major life events that could
impact your estate plan it's nota set it and forget it kind of
thing exactly just like you needto update your will when you
have a new baby, right, youmight need to revise other parts
of your estate plan as yourlife evolves, so it's a good
idea to review your planperiodically, maybe every few
years or whenever you experiencelike a significant life change.
Speaker 1 (14:09):
So it's like getting regular checkups?
Yes, but for your financial andlegal well-being.
Speaker 2 (14:15):
That's a great way to think about it.
Speaker 1 (14:16):
I like that.
Speaker 2 (14:17):
And just like you wouldn't skip a checkup with
your doctor, you shouldn'tneglect your estate plan.
Okay, it's an investment inyour peace of mind and the
security of your loved ones.
Speaker 1 (14:27):
So what are some of the triggers that might signal
it's time to revisit your estateplan?
Speaker 2 (14:32):
Okay.
Speaker 1 (14:32):
What kind of life changes?
Speaker 2 (14:34):
Well, they're the obvious ones, like marriage,
divorce, having children.
Speaker 1 (14:37):
Right.
Speaker 2 (14:38):
But other things can also warrant a review.
Okay, for example, maybe youstarted a new business or you
inherited a significant amountof money or property.
Speaker 1 (14:49):
Oh, ok, or maybe you move to a different state?
Yes, since you mentioned thatstate laws can impact things
like probate.
Speaker 2 (14:55):
That's a really good point.
Moving to a new state candefinitely have implications for
your estate plan.
Speaker 1 (15:00):
Yeah.
Speaker 2 (15:05):
So it's always wise to consult with an attorney to
make sure your documents arestill valid and compliant with
the laws of your new home state,Documents are still valid and
compliant with the laws of yournew home state.
Speaker 1 (15:11):
It seems like having that ongoing relationship with
an estate planning professionalcan be really helpful, not just
for creating the initial planbut for keeping it up to date as
well.
Speaker 2 (15:19):
Absolutely.
An experienced estate plannercan help you navigate all the
twists and turns of life andmake sure your plan is always
reflecting your currentcircumstances and goals.
Speaker 1 (15:31):
Okay, so we've talked about the ongoing nature of
estate planning.
Speaker 2 (15:34):
Yes.
Speaker 1 (15:35):
It's not a one-time thing.
Speaker 2 (15:36):
Right.
Speaker 1 (15:36):
It's like an evolving process.
Speaker 2 (15:38):
It is.
Speaker 1 (15:39):
But I'm curious what are some of the specific things
that people should be thinkingabout when they're reviewing
their estate plan?
Speaker 2 (15:46):
Right.
Speaker 1 (15:46):
What are, like, the key areas to focus on?
Speaker 2 (15:49):
That's a great question and it leads us
perfectly into our next segment.
Speaker 1 (15:52):
Okay.
Speaker 2 (15:53):
Where we'll delve into the nitty gritty of estate
plan reviews.
Speaker 1 (15:55):
Right.
Speaker 2 (15:56):
We'll give you like a checklist of things to consider
Ooh, a checklist and some tipson how to make sure your plan is
always working for you.
Speaker 1 (16:03):
I'm ready to get into the details.
Stay tuned as we continue ourdeep dive into the world of
estate planning.
Okay, so you've convinced methat estate planning it's like
something you need to keep tabson.
Speaker 2 (16:14):
Yeah.
Speaker 1 (16:14):
Not just a one and done deal.
Speaker 2 (16:16):
It's not a one-time thing, no.
Speaker 1 (16:18):
But what does that actually look like?
Right, like, what are thethings you should be paying
attention to?
When you're going back and likereviewing your plan.
Speaker 2 (16:26):
So that's where getting into the nitty gritty
can really help put your mind atease.
Okay, it's like having achecklist.
Speaker 1 (16:33):
Oh, I love a good checklist To make sure you
haven't missed anythingimportant.
So what's on the estateplanning checklist?
Speaker 2 (16:39):
Well, first and foremost, you want to take a
look at your beneficiaries.
Okay, have there been any majorchanges in your relationships?
Maybe you've gotten married,had kids or sadly experienced a
loss.
Right, yeah, I can see howthose like big life events would
definitely mean needing toupdate your beneficiaries
Absolutely, and it's not justabout like adding or removing
(17:00):
names Right, you also want toconsider if the proportions
you've allocated still makesense.
Speaker 1 (17:05):
What do you mean by proportions?
Speaker 2 (17:07):
So it's about making sure the way your assets are
divided still reflects yourwishes.
Okay, for example, maybe youinitially left everything split
equally between your twochildren, but now one is facing
financial challenges while theother is doing quite well.
Speaker 1 (17:23):
Right.
Speaker 2 (17:24):
You might want to adjust things to provide more
support, might want to adjustthings to provide more support,
and your estate plan should beflexible enough to adapt.
It should.
Speaker 1 (17:36):
What else should we be looking at when we're
reviewing our plan?
Speaker 2 (17:39):
Your assets, of course Right.
Have you acquired new property,investments or other valuable
possessions?
Speaker 1 (17:44):
Okay.
Speaker 2 (17:44):
It's important to make sure these are accounted
for in your plan, especially ifyou want to designate specific
items for certain beneficiaries.
Speaker 1 (17:51):
Makes sense.
You don't want to leaveanything to chance, right?
What about those otherdocuments we talked about, like
the financial power of attorneyand the health care directive?
Do those need to be revisitedas well?
Speaker 2 (18:02):
Absolutely yeah.
You'll want to make sure thepeople you've designated to make
financial and health caredecisions for you are still the
right choices, right.
Are they still capable?
Are they still the people youtrust the most?
It's important to reassessthose roles periodically,
especially if your relationshipshave changed.
Speaker 1 (18:20):
Right.
Speaker 2 (18:20):
Or if your chosen representatives are facing
health challenges of their own.
Speaker 1 (18:23):
It's like you're making sure your backup team is
still ready to step in if needed.
Speaker 2 (18:27):
Exactly.
Speaker 1 (18:28):
Speaking of backup, I know you've emphasized the
importance of working withprofessionals.
Speaker 2 (18:33):
Yes.
Speaker 1 (18:34):
Does that apply to the review process as well?
Speaker 2 (18:36):
Absolutely yeah.
While you can certainly reviewyour plan on your own, having an
expert eye can be invaluable.
Speaker 1 (18:44):
Right.
Speaker 2 (18:44):
An accredited estate planner can help you spot any
potential gaps or outdatedlanguage.
An accredited estate plannercan help you spot any potential
gaps or outdated language.
Okay, and make sure your planis still in line with, like the
latest laws and regulations.
Speaker 1 (18:55):
So it's like having a professional checkup.
Speaker 2 (18:57):
Yeah.
Speaker 1 (18:58):
For your estate plan.
Yeah, they can make sureeverything is still in tip top
shape.
It's good to know thatresources like the NAEPC
directory are out there.
Speaker 2 (19:06):
Right.
Speaker 1 (19:07):
To help people find those qualified professionals in
their area.
Yes definitely and remembereven if you initially created
your estate plan with an onlineservice like LegalZoom, you can
always consult with an AEP for amore personalized review and
guidance.
Speaker 2 (19:22):
Absolutely.
Speaker 1 (19:23):
Yeah, I'm starting to see how all these pieces fit
together the documents, theprofessionals, the government
resources.
It's a lot to consider, but itfeels a lot less overwhelming
when you break it down intothese manageable steps.
Speaker 2 (19:37):
That's what we're here for to help you demystify
the process and empower you totake control of your legacy.
Speaker 1 (19:43):
Well, you've definitely done that.
I feel much more equipped totackle my own estate planning
now.
But before we wrap up, is thereanything else our listeners
should keep in mind as theyembark on this journey?
Any final words of wisdom?
Speaker 2 (19:55):
I think the most important thing is to remember
that estate planning is not amorbid or depressing task.
Speaker 1 (20:01):
OK.
Speaker 2 (20:01):
It's an act of love and responsibility, a way to
ensure that your loved ones areprotected and your values are
carried forward.
It's about creating a legacythat reflects who you are and
what you care about.
Speaker 1 (20:13):
That's a beautiful way to put it.
Yeah, it's not just about themoney or the possessions, right,
it's about the people and thevalues Exactly that matter most
to you, and it's never too earlyto start thinking about these
things.
Okay.
Speaker 2 (20:25):
Even if you're young and don't have a lot of assets,
there are still importantdecisions you can make now that
will lay the foundation RightFor a secure, meaningful future.
Speaker 1 (20:35):
I love that Estate planning as a way to shape your
future.
Speaker 2 (20:38):
Yeah.
Speaker 1 (20:38):
Not just plan for your past.
Speaker 2 (20:40):
Exactly.
Speaker 1 (20:40):
And it sounds like the key is to find that balance
between being prepared Right andbeing adaptable.
Speaker 2 (20:46):
Absolutely, absolutely.
Life is unpredictable, so yourestate plan should be flexible
enough to evolve with you.
Speaker 1 (20:53):
Well, on that note, I think we've covered just about
everything we set out to explorein this deep dive.
Speaker 2 (20:59):
I think so.
Speaker 1 (20:59):
We've talked about the why, the what and the how of
estate planning, From theimportance of having a will to
the nuances of trusts and thevalue of professional guidance.
Speaker 2 (21:10):
We covered a lot.
Speaker 1 (21:11):
We did.
Speaker 2 (21:11):
It's been a comprehensive journey and I hope
our listeners feel empowered totake those next steps in their
own estate planning adventures.
Speaker 1 (21:20):
I know I do and remember you don't have to go it
alone.
You don't, we'll be sure toinclude links to all the
resources we mentioned in theshow notes, including LegalZoom,
naepc and USAgov.
Speaker 2 (21:32):
All great resources.
Speaker 1 (21:33):
And if you have any questions or need further
guidance, don't hesitate toreach out to a qualified estate
planning professional.
Speaker 2 (21:41):
Right.
Speaker 1 (21:41):
They're there to help you every step of the way.
Speaker 2 (21:43):
Absolutely.
Speaker 1 (21:44):
And to all our listeners, thanks for joining us
on this deep dive into theworld of estate planning.
Speaker 2 (21:49):
Yeah, thanks for listening.
Speaker 1 (21:50):
We'll see.
Popular Podcasts
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.