Estate planning basics: wills, trusts, power of attorney, and probate
#51: Despite the pain (and cost) that not having an estate plan will cause your heirs, fully two-thirds of Americans don’t even have so much as a will if they got hit by a bus.
There are many reasons why people fail to create an estate plan. None are good.
So for this week’s podcast, I invited Spiro Verras, a Florida estate planning attorney, to share key things you need to know about creating a proper estate plan.
- Elements of a good estate plan
- How probate works step by step, how long it takes, and how much it costs
- At what point in your life you should write a will
- Differences between wills and trusts
- Legal formalities of wills and trusts
- How wills and trusts change the probate process
- What DIY-ers need to know before drafting their own estate planning docs
- Special considerations for real estate investors, family business owners, professional service practice owners, and high net-worth individuals
Check it out here:
Do you have a will or trust? What about a medical directive or power of attorney agreement? Have you ever been through the probate process? What was it like for you? Let me know by leaving a comment!
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Links mentioned in this episode:
- Verras Law
- How to write a will
- How to set up a revocable living trust (with sample trust document)
- HYW private Facebook community
Intro/Outro: Old Bossa by Twin Musicom.