#85. What is Probate? Estate Planning Part II with Anna Spencer and Abigail Johnston

Today’s episode is part II of our Estate Planning series. Last week Abigail and Anna shared with us the importance of estate planning, and providing access and authority.  For example, who has access to what and who are the decision makers if we can no longer make decisions for ourselves in a medical situation. Today we pick up on where we left off and turn to estate planning in terms of what happens after our own passing. We put all of this time and energy to prepare a living will, let’s make sure we make it easier for our loved ones to be able to focus on the good memories and grieving without having to worry about the logistics of funeral arrangements, probate and or guardianship. 

RESOURCES MENTIONED IN THIS EPISODE

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Listen to Part I  Access, Authority & Estate Planning with Abigail Johnston and Anna Spencer (Part I)

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TOPICS DISCUSSED

Estate planningEstablish who your guardian will beLast will and testamentWhat is probate?Avoid probate by establishing access after deathBeneficiary will supersede what you put in your willPayable on death (POD) used by financial institutionsGradian of the personGradian of the property  What is a Trust? It owns it own’s assetsRevocable vs irrevocable trusts  What happens to my money after I die if my spouse remarries. Some assets have income taxesFunding the trustTerms and definitionsVeteran’s should be sure to have discharge paperwork. 

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