POWERS

#292 - Ryan Heath - Founding Attorney @ Baker Heath, PLLC - Estate Planning 101

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Jun 29, 2023
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ADVICE

Start With The Six Core Documents

  • Do get the six basic estate planning documents: will, financial POA, medical POA, HIPAA authorization, declaration of guardian, and directive to physicians.
  • These documents are inexpensive and protect decisions during life and at death.
ADVICE

Use Two Trusts For Kids' Financial Start

  • Do create both a revocable trust for probate avoidance and an irrevocable gift trust to grow a child's protected nest egg.
  • Use the gift trust to invest in alternatives and teach the child about investing as they mature.
ADVICE

Review Plans Every 3–5 Years

  • Do review your estate plan every 3–5 years and after major life events like marriage, divorce, or a child's transition to adulthood.
  • Update fiduciaries and guardian designations as relationships and circumstances change.
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