What is meant by Estate Planning?
What is meant by estate planning. That is another great question because like I said in other videos, most people come into our office with a preconceived idea that estate planning is to make those decisions ahead of time. For what happens after you pass away. And nothing could be further from the truth.
When should you Estate Plan?
Estate planning proper estate planning is all about making decisions about what you want to happen during your lifetime and after your lifetime. That's a very, very important distinction because a lot of people leave that first part out in their estate planning.
What if I have a Will?
They come into our office and they say, I don't need to do anything because I already have a will, and it covers everything and then we start talking about, Well, what happens if you get in a car accident? What happens if you go to the hospital and you have a surgery and you're incapacitated for six months? What happens if this what happens if that? And people generally don't think about that because it's not something that we want to think about, right? We don't want to think about ourselves being sick and being incapacitated. In the hospital or having 24 hour nursing care at our house or even being in an assisted living center.
Proper Estate Planning
But that is what proper estate planning is all about, is having the documents in place so that if something were to happen to you during your lifetime, there is somebody that can step into your shoes immediately and take over for you and make sure your assets are taken care of and more importantly, making sure that you are taken care of and making sure that the dependents who depend on you, on a daily basis are also taken care of.
The 5 components
That's a very important if you talk to your estate planning attorney about estate planning, you need to have the five components that we talked about earlier, the revocable living trust, a Pour OVer Will, power of attorney, health care, power of attorney, advanced directive with the HIPAA authorization in it.
Free Estate Planning Guide
I know I've thrown a lot at you today, so that's why we've prepared our free guide on estate planning. I'll put a link to it in the description below and in the comment section below that so that you can download it and get started in the right direction and to help you out even more. Watch this video up here and this video up here. If you enjoy this video, then guys please smash that subscribe button and click on the like button and also click on that little bell so you'll get notified every time we post a new video. Have a great day and an awesome week. And as always, thanks for watching.
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Oklahoma City, OK, 73118