Estate planning basics: wills, trusts, power of attorney, and probate

Hack Your Wealth

#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.

We discuss:

• 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:

https://hackyourwealth.com/estate-planning-basics
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.