In the 29th episode of The Plant. Harvest. Prosper Podcast, host Kellen Williams discusses the importance of estate planning.
Welcome back to another insightful episode of Plant. Harvest. Prosper. In our 29th episode, host Kellen Williams, CFP®, a Principal and Wealth Advisor at Financial Harvest Wealth Advisors and cofounder of Crown of Life Advisors, dives deep into a topic that, while not always pleasant to discuss, is crucial for everyone—estate planning.
People often procrastinate on estate planning, and as Kellen points out, about 80% of people who attend retirement courses either haven’t started or haven’t completed their estate planning.
Why is that?
Estate planning is inherently difficult because it involves facing our mortality and making decisions about our legacy. But avoiding it can lead to unnecessary complications, costs, and stress for our loved ones.
The “Core Four” of Estate Planning
Kellen breaks down the “core four” legal documents that are essential for estate planning:
1. Last Will and Testament
2. Power of Attorney
3. Healthcare Surrogate
4. Living Will
The episode also features insights from David Witter, CFP®, the founder of Financial Harvest Wealth Advisors, who discusses the importance of trusts in estate planning. Trusts can help manage and protect your assets, reduce probate costs, and ensure that your wishes are followed, especially if you have a large or complex estate, own property in multiple states, or have specific concerns like protecting assets from divorce or litigation.
David’s practical advice helps listeners understand when a trust might be necessary, and how it can provide added security and peace of mind for you and your beneficiaries.
To get the full details and best practices on estate planning, including whether you need a trust and how to ensure your estate is properly managed, watch the entire podcast episode.
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