Episode description
Estate planning is an important process, but it can be confusing. What documents do you need? What's the difference between a will and a trust? Listen to this episode to learn more about estate planning and find out which documents you need to get started.
Every Tuesday, Tiffany answers one of your submitted questions. To submit a question for an upcoming episode, visit here: https://www.moneytalkwitht.com/asktiffany
Connect with Tiffany on Social Media
Facebook: Money Talk With Tiff
Twitter: @moneytalkwitht
Instagram: @moneytalkwitht
LinkedIn: Tiffany Grant
Key Takeaways
- Estate planning documents to consider include a last will and testament, a durable power of attorney, an advanced medical directive, and a healthcare power of attorney.
- Trusts are helpful in managing financial assets or providing for dependents with disabilities.
- Beneficiaries should be set up on retirement plans and life insurance policies; these should also be reviewed periodically as circumstances change over time.
- TODs (transfer on death) should be established on bank accounts to keep money out of probate in the event of the owner's death.
- Funeral plans should include any specific wishes to avoid confusion when that time comes.