Estate Planning; not the most fun or glamorous financial topic, even for us money nerds, but something that if done properly can really lighten the load for our loved ones at the time that they need it the most. On this episode of CFO at Home, CFP and Founder/CEO of Woodall Wealth Management James Woodall returns for a discussion about fundamental Estate Planning tools, legacy planning, why these subjects mean so much to both him and Vince, and more.
Key Takeaways
- Will - A legal document that states an individual's wishes in regard to the care of children, family, assets, etc after they pass away.
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- Generally speaking, if you don't have a will your assets will go through probate with the state
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- Time consuming
- Involves fees, allows for creditors to intervene and others to attempt to claim assets.
- A will can help avoid family squabbles over money, assets and items of sentimental value
- Wills need to be updated as life circumstances change
- Trusts - Create layers of protection from creditors, can help to avoid probate altogether
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- Trust controls asset
- The need for a trust is oftentimes proportional to the amount of assets an individual has
- Power of Attorney - An individual you trust who will effectively acting legally as you
- Medical Directives - Makes your wishes known for End of life decisions
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- Can take the burden of making these decisions off of the family
- Legacy Planning
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- Passing on financial values to your heirs; managing generational wealth
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- Define your values
- Teach the next generation those values
- Create a plan that allows those values to be passed down
Ways to contact
Contact the Host - vince@thecfoathome.com
