Get Your House in Order! Why You Need an Estate Plan

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As we move towards the end of the year, we’re looking over checklists for items that need some attention, and while it’s not specific year-end planning, now is a great time to address your estate plan.

As we move towards the end of the year, we’re looking over checklists for items that need some attention, and while it’s not specific year-end planning, now is a great time to address your estate plan.

The fact is only 33% of Americans have an estate plan and only 43% have a will. Those numbers might be shocking, but the reality is many people just aren’t giving this critical piece of planning enough attention. So as you get things in order for the end of the year, let’s spend some time talking about why you need an estate plan.

 

Here’s some of what we discuss in this episode:

  • What does a financial will do as opposed to a power of attorney and living will.
  • The role the power of attorney plays and why it’s arguably the most important document when you are living.
  • The five different types of power of attorneys and what they cover.
  • What happens if you get sick or disabled without a power of attorney?
  • The purpose of the living will and the purpose of the last will and testament.

 

Links for this episode:

Probate –

https://trustandwill.com/learn/types-of-non-probate-assets

Last Will and Testament –

https://www.investopedia.com/terms/l/last-will-and-testament.asp

Living Will and Power of Attorney

https://www.mchughandmacri.com/blog/2017/02/the-difference-between-a-living-will-and-power-of-attorney/

Percentage of Americans without Estate Plan

https://www.aarp.org/money/investing/info-2017/half-of-adults-do-not-have-wills.html

https://www.cnbc.com/2022/04/11/67percent-of-americans-have-no-estate-plan-heres-how-to-get-started-on-one.html

Power of Attorney Types

https://www.investopedia.com/terms/p/powerofattorney.asp

https://www.freewill.com/learn/5-types-of-power-of-attorney

Wall Street Journal Article – Estate Planning –

https://www.wsj.com/personal-finance/estate-planning-will-money-family-heirs-8f2eb6e8?st=tyfkq2ei0nprc1z&reflink=desktopwebshare_permalink

 

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ABOUT YOUR HOST...

Donald W. Cash – CPA, CFP®, is an independent advisor. After graduating from Rutgers University, he began his career in 1985 as an accountant. In 1990, he entered the field of Estate Planning, concentrating on long-term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs.

Don advocates for a holistic approach to Estate and Financial Planning and has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers.

He is married to Cathy and they have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

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WAYS TO CONTACT

(732) 784-2867

don@donaldcash.com