How to Set Up Your Estate Plan with Natalie Perry, #173

Retire With Ryan

Do you know where your assets are going when you die? Do you have a plan in place for making medical and financial decisions if you become incapacitated? If either answer is no, you need an estate plan! On this episode, I sit down with estate planning expert Natalie Perry to discuss the ins and outs of planning your estate and ensuring a smooth post-mortem transition for your family and loved ones.

You will want to hear this episode if you are interested in...

• What is estate planning? [1:14]
• Essential documents for estate planning [4:12]
• Using a trust versus a traditional non-trust estate plan [10:28]
• Tips for simplifying the estate planning process [20:09]
• Listener question and final thoughts [24:34]

The importance of estate planning

Estate planning can be a complex but crucial process in ensuring the seamless transfer of assets and managing decisions in times of incapacity or death. From the basics of asset titling to a comprehensive estate plan involving wills, trusts, and powers of attorney, the importance of these documents cannot be understated.

The absence of proper estate planning documents can result in the court's involvement through probate. Probate procedures might be required both upon one's passing and in situations of incapacity where someone is needed to manage financial assets. This process can take considerable time, from months to even a couple of years, depending on various factors, including state and county backlogs, familial agreement or disagreement, and potential creditors. This is why having these documents completed ahead of time is so key!

Estate planning essentials

The core documents that form the foundation of an estate plan are a will, powers of attorney for property and healthcare, and a Living Will (depending on the state). A will is crucial to directing assets to intended beneficiaries. There's a misconception that everything automatically transfers to a spouse. This simply isn’t true and can get quite complicated if children are involved.

Powers of attorney for property and healthcare are significant, granting the authority to make decisions in financial and medical matters if incapacitated. These documents are often as vital as the will. Trusts, particularly revocable living trusts, can help avoid probate and offer immediate liquidity, privacy, and clear instructions for asset distribution. And of course, revisiting and updating estate plans every three to five years or when significant life events occur is definitely recommended. Listen to this episode for more on estate planning!

Resources Mentioned

• Retirement Readiness Review
• Follow Natalie on LinkedIn
• Harrison LLP

Connect With Morrissey Wealth Management

www.MorrisseyWealthManagement.com/contact