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.We discuss:Elements of a good estate planHow probate works step by step, how long it takes, and how much it costsAt what point in your life you should write a willDifferences between wills and trustsLegal formalities of wills and trustsHow wills and trusts change the probate processWhat DIY-ers need to know before drafting their own estate planning docsSpecial considerations for real estate investors, family business owners, professional service practice owners, and high net-worth individualsCheck it out here:https://hackyourwealth.com/estate-planning-basicsDo 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!Don't miss an episode, hit that subscribe button...If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!Apple PodcastsOvercastSpotifyStitcherI need your help, please leave a listener review :)If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!Links mentioned in this episode:Verras LawHow to write a willHow to set up a revocable living trust (with sample trust document)HYW private Facebook community Intro/Outro: Old Bossa by Twin Musicom.