In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen explain why every adult—single or married, wealthy or not—needs a will and a revocable living trust. Learn the practical steps for setting up your estate plan, naming a trustee, and ensuring your assets stay protected and your wishes are followed.

Here are some of the highlights:

Mark emphasizes the importance of having a will, noting that 50% of Americans do not have one.
Mat explains that a trust allows for more control over who gets what, when, and under what conditions.
Mark and Mat discuss the flexibility of a trust, including the ability to amend it as life circumstances change.
Example of Robin Williams' will being made public, highlighting the privacy benefits of a trust.
A living trust is effective immediately and can be funded with assets during one's lifetime.
The concept of a "trifecta" or "pitcher" that brings together all the elements of an estate plan.
Mark clarifies that a trust does not provide asset protection and should not be used for that purpose.

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