Episode 69 - Why an Estate Plan is More Than a Will

Today, Laura and Jeremiah Lee discuss the critical aspects of estate planning, emphasizing that it goes beyond just having a will. They explore the importance of advanced healthcare directives, the implications of probate, and the essential components of a comprehensive estate plan, including trusts and powers of attorney. Through real-life stories, they illustrate the necessity of planning for the unexpected and the value of clear communication in estate planning.

Key Takeaways:

Everyone should have an advanced healthcare directive.
Probate can be lengthy and expensive, often compared to the DMV.
California estate planning laws differ from other states.
A trust keeps your estate private, while a will does not.
Clear communication is essential in estate planning.
It's important to have an estate plan in place when healthy.
Trusts can dictate how and when assets are distributed.
Durable powers of attorney are crucial for decision-making.
Probate is not a fast process and can cause delays.
Regularly review and update your estate plan.

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Reach out at [email protected]
Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: [email protected]

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: [email protected]

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: [email protected]

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.