The Importance of a Proper Estate Plan

A few weeks ago, the death of musical icon Prince sent shockwaves through fans around the world. But perhaps what was more shocking than his untimely death, was the revelation that he passed away without a will or proper estate plan in place.

Creating an estate plan isn’t something you do for your own benefit — it’s for the loved ones left behind.

And while most of us don’t have a net worth anywhere close to the estimated $300 million that Prince had, that doesn’t mean that our estate planning needs are any less important.

But where do you start? Today, we’re discussing what you need to structure in your life to ensure you have a solid estate plan in place.

In This Episode, You’ll Learn

• What document will control the majority of your financial assets
• The importance of beneficiary designations
• How to decide the amount of life insurance to purchase
• If you should have life insurance on a stay-at-home spouse
• What happens to your assets in the event of your death without a will
• If you should have a trust in your will
• Why having a healthcare directive is important
• How to save money working with an attorney for estate planning

Resources:

• Quicken WillMaker Plus
• LegalZoom

Enjoy the Show?

• Sign up for the Financial Order of Operation (FOO) Online Course!
• Sign up for our Know Your Number Course!
• Check out our Net Worth Tool!
• Get FREE downloads full of financial advice from our Resource Page!
• Subscribe on YouTube or wherever you listen to podcasts.
• Send us your questions or share your story.