#46 - Estate Planning Essentials: Wills, Trusts, and Power of Attorney

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Estate planning goes far beyond paperwork—it's about protecting loved ones, ensuring your wishes are honored, and creating peace of mind about your legacy.

• Two-thirds of Americans do not have a will, leaving their assets to be distributed according to state intestate succession laws
• A will serves as the foundation of estate planning, allowing you to specify who receives your assets and appoint an executor
• Not all assets pass through a will—life insurance policies and jointly owned property typically bypass probate
• Trusts offer advantages like avoiding probate, faster distribution to heirs, and potential protection from creditors
• Powers of Attorney (POAs) designate trusted individuals to make financial and medical decisions if you become incapacitated
• Common estate planning mistakes include failing to update documents after major life events and using generic DIY templates
• Digital assets like social media accounts and cryptocurrency need to be included in your estate plan
• If you move to a different state, you should review and potentially update your existing estate planning documents

Make a list of your assets, decide who you trust as an executor or POA, and schedule a meeting with an estate planning attorney or financial advisor this week. If you already have an estate plan, give it a quick review this weekend.

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