So Money with Farnoosh Torabi 1820: Estate Planning Made Simple: How to Create a Will, Trust, and Peace of Mind
Apr 30, 2025
Heather Zack, an attorney and financial planner specializing in estate planning for all wealth levels, shares crucial insights into estate planning. She demystifies the importance of wills and trusts, highlighting their significance even for those with modest assets. The discussion also tackles common pitfalls, the legitimacy of DIY estate planning websites, and the unique concerns faced by women in securing their families’ futures. Listeners learn about the value of revisiting estate plans during life changes and the power of effective family communication regarding financial matters.
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Essential Estate Planning Documents
- Establish a will and powers of attorney for financial and health care decisions.
- Consider a revocable trust to manage assets and avoid probate during your lifetime.
Home and Revocable Trusts
- Put your home into a revocable trust to avoid probate and increase privacy.
- Remember to register the deed properly after creating the trust.
Revocable vs Irrevocable Trusts
- Revocable trusts allow flexibility and ownership control without a separate tax return.
- Irrevocable trusts lock assets with complex tax implications and are less common for most individuals.