There’s a misconception among young people that there’s no need to do any form of estate planning. As tough as it is to think about our untimely passing or incapacitation, we have to deal with those thoughts and get a plan in place. Estate planning happens in a variety of ways. In this episode, I’m talking with Crista Hermance, attorney and founder of the Estate Planning Mom about what estate planning actually means and how millennials can take action today. Whether you have dependents or not, you have an estate. That means, you need a plan in place to determine what happens to your estate when you’re no longer around or able to manage it yourself.
Here’s a glance at this episode:
- [04:56] Crista breaks down the basics of estate planning, including an answer to the question: What is an estate?
- [11:20] Don’t forget about your digital assets! Crista shared an example of a family looking to get pictures of their son after he passed, but since he had no plan in place, those assets were blocked.
- [16:50] Got bank accounts and retirement plans? Make sure you add beneficiaries to bypass the lengthy probate process.
- [23:45] Every state has a “back up” estate plan in place for people who don’t set a plan themselves. It’s what the state falls back on to determine how your assets are distributed.
- [27:40] Crista breaks down what the terms “will” and “trust” mean and how they can benefit your estate plan.
- [41:40] Have assets in multiple states? Crista shares what that means and how to protect all of your assets.