In this episode of Money and Taxes from Bb to XYZ, Jason Speciner, CFP®, EA, and Regina Neenan, CFP®, ABFP®, walk through the basics of creating and updating estate planning documents and explain why so many people delay this important task. They discuss the emotional and financial barriers that can make estate planning feel intimidating, while emphasizing that having something current in place is far better than having nothing at all. The conversation covers the core documents that make up a basic estate plan—including a will, financial power of attorney, health care power of attorney, and living will—along with the role of trusts and why those decisions often require legal guidance. Regina and Jason also highlight the importance of coordinating beneficiary designations and account titling with your estate plan so your wishes are carried out as intended.
Takeaways
- A basic estate plan usually includes a will, financial power of attorney, health care power of attorney, and living will.
- Something is better than nothing. Even a simple, updated set of documents can be far more helpful than outdated or missing estate documents.
- Don’t overlook beneficiary designations, since they can override what is written in your will.
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Disclosures
Jason Speciner and Regina Neenan are investment advisor representatives of FPFoCo, a registered investment advisor. The information in this podcast is for general educational and entertainment purposes only. It may not apply to your individual circumstances and should not be considered financial, investment, or tax advice.
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