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Creating a comprehensive estate plan to deal with your assets and provide for your loved ones after your death is one of the most rewarding tasks you can undertake. Don’t make the mistake of overlooking your assets because you think you don’t have any. In fact, a basic estate plan is an important financial document for everyone to have. Broadly speaking, an estate plan encompasses the accumulation, conservation, and distribution of an estate. A good plan will enhance and maintain the financial security of individuals and their families. Dustin R. Granger, CFP® and I share some essential tips you should consider when thinking about estate planning. Check out this Worth It episode to hear more!

What is your peace of mind worth?

One of the main purposes of an estate plan is to ensure that your assets go to the people you want after your death. In some cases, that could be family, while other people leave assets to friends or charities. A well-designed estate plan can ensure that your assets get allocated as you wish. Creating an estate plan not only removes some of the uncertainty, but safeguards you and your family and helps provide you with some peace of mind in the now.

The 5 basic estate planning documents you should have
  1. A will: A living will contains a written set of instructions to your physician as to whether or not you want to receive life-sustaining procedures if you have been diagnosed with a terminal condition, end-stage condition, or are in a persistent vegetative state. It also gives guidelines for your family members to follow if you become terminally ill.
  2. A Durable Power of Attorney: A power of attorney is a legal document that gives someone you choose the power to act in your place. In case you ever become mentally incapacitated, you'll need what are known as "durable" powers of attorney for medical care and finances. A durable power of attorney simply means that the document stays in effect if you become incapacitated and unable to handle matters on your own.
  3. A Healthcare Power of Attorney: A medical power of attorney is one type of health care directive -- that is, a document that set out your wishes for health care if you are ever too ill or injured to speak for yourself. When you make a medical power of attorney -- more commonly called a "durable power of attorney for health care" -- you name a trusted person to oversee your medical care and make healthcare decisions for you if you are unable to do so.
  4. A Living Will: A living will, despite its name, isn't at all like the wills that people use to leave property at their death. A living will, also called a directive to physicians or advance directive, is a document that lets people state their wishes for end-of-life medical care, in case they become unable to communicate their decisions. It has no power after death.
  5. A Revocable Living Trust:  A revocable living trust, sometimes simply called a living trust, is a legal entity created to hold ownership of an individual's assets. The person who forms the trust is called the grantor or trustmaker, and in most cases, he also serves as the trustee, controlling and managing the assets he placed there. A revocable living trust covers three phases of the trustmaker's life: his lifetime, possible incapacitation, and what happens after his death.
Toujours Worth

If you want to take control of your saving and start investing in your future, you need to check out Toujours Worth, a software designed to help you dream, plan and live your ideal life! Our new automated investment platform combines 24/7 sophisticated technology with access to a financial advisor team, to create a personal investment plan for less than you’d pay for traditional advisory services.

Inspirations worth sharing

Each week, Dustin R. Granger, CFP® and I want to share something that has inspired us recently. These may be quotes, books, individuals or online content, like a blog or Instagram account. This week, Dustin’s inspiration comes from actor and speaker Terry Crews, who was quoted saying “how you are right now is who you want to be, because if not, you would change it.” Let that sink in, then ask yourself “is what I am doing right now truly who I want to be?”

I love social media, especially Instagram, and often find inspiring content and people there. This week, I want to highlight two Instagram accounts that I think you should go follow! The first is Jillian Harris. You may remember her as a contestant on the bachelorette. I love her authenticity and positivity, and she is always sharing great ideas the process she uses when pursuing a new opportunity. Recently, she has provided inspiration for anyone considering a vegan lifestyle, something I appreciate! The second person is a comedian named Heather McMahan. This lady is so creative and brings me joy whenever I watch her videos. If you need more laughter in your life, go check out her content, you won’t be disappointed!    

Outline of This Episode

  • [2:15] Estate Planning - The “Legacy” pillar of financial planning
  • [3:15] The sum of all your possessions
  • [4:30] Estate planning can provide peace of mind
  • [8:15] Why estate planning is so important
  • [9:30] Estate planning doesn’t have to be expensive
  • [11:00] What happens if you don’t plan ahead?
  • [12:15] The five most important estate planning documents    
  • [29:45] Saving systems - Toujours Worth
  • [32:00] Inspirations worth sharing segment
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