100 estate planning videos to get your started in the right direction
Congratulations on 100 videos!
- Congratulations on 100 videos!
- Congratulations on 100 videos!
Guys, we did it! 100 videos! I don't know why I'm still holding these numbers. We are so excited that we have been able to put together so many videos on estate planning, probate and trust administration videos. And it doesn't matter whether we've just done one video, two videos, 10 videos or 100 videos, the message is still the same, estate planning is for everybody!
We are entrepreneurs of our own lives, and that means that we need to have an estate plan in place, not only to protect us and our family for what happens after we pass away, but more importantly, the most important thing is that we need to have an estate plan in place for what happens while we're still here and we're still alive and breathing because you want to control that.
We are the entrepreneurs of our own lives. We don't want a court or a judge who you've never met, and we have some great judges, but you don't want a judge who you've never met and possibly family members who really don't even know you that well making decisions on your behalf. And that is why over all of these 100 videos, we have stressed how important it is to have an estate plan in place for when you're still living.
A revocable living trust-centered estate plan does not just mean having a revocable living trust, it means all of the documents that go along with that. That means we also have a pour-over will, which we've talked about in several of the videos, that only comes into play if you forget to put something into your trust.
We've also talked about power of attorney. Who has the legal authority to act on your behalf for all of those things that are outside of the trust? So if you have a revocable living trust, your trustee has control over all of the assets that are in that trust, but if you have assets that are outside of the trust, that is where you're power of attorney, your durable power of attorney, comes into play. And we've done several videos on that as well.
Now, that's just the finance side. We've also stressed many times what you need to have in place for your healthcare. And guys, I can't tell you how important this is. You need to have these three documents in place, and they are a healthcare power of attorney, an advance directive, which you've also heard called a living will and a HIPAA authorization. Together, all three of these documents work together to make sure you're protected if something were to happen to you and you were incapacitated or if you're just in the hospital and unable to make for yourself.
The healthcare power of attorney grants someone that you trust implicitly to make decisions on your behalf regarding your body and your health when you can't do it.
The living will, or sometimes called an advance directive, gives your healthcare power of attorney a roadmap of what you want to happen, and we're talking about if you're in a persistent vegetative state and the doctors see now way of you coming out of it, you can actually state in your advance directive what you want to happen. You want to continue to get food, water or pain medication, and I'll tell you, probably 90% of my clients say no food, no water, only pain relief medication so that they can pass peacefully without any pain. So you can see how important all three of these documents are and why you need to have them and why they need to be part of your estate plan.
Hell, along with your revocable living trust, your pour-over will, your power of attorney and your three healthcare documents, you also need to have documents in place that transfer your personal items into your name of the trust. You also need to execute the correct deeds to transfer your real property and your mineral interest into your trust, and you also have to think about cars, whether it's wise to put them into your trust or to leave them our of your trust.
And that's a discussion for a whole 'nother video. But guys, like I said, over all of these 100 videos that we've done, we've covered all of these topics and will continue to cover more and more of these topics every single Tuesday. And if you've got a particular question on estate planning that we haven't answered on these 100 videos, then drop us a comment below and let us know.
To be the best entrepreneur of your own life, you need to have an estate plan in place. Thanks for watching today, and thanks for watching all 100 of our videos. So here's to the next 100 videos. And as always, I hope you have an awesome day and a fantastic week. Thanks for watching.
- [Stephen] Look at the camera, not at me. Do it again.
- Oh, where's the camera? Is it that little thing?
- [Stephen] Got it, it's right there.
- Oh, okay.
- [Stephen] That's the camera
- I'm like holding it up there to the light. Congratulations on.
- Woo hoo! 100 videos! Look at that! 100!