Episode #41 - Leaving A Legacy Of Love
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You can live a more successful, richer, happier life with the right plan in place. Let’s ditch scary names like estate planning, trusts and estates, and other confusing after-death terms. Most people don’t even do a will because nobody wants to think about death!
Instead, consider planning intentionally for the duration of your life. You can set things up so that they’re very clear to all involved, leaving a legacy of love instead of attorneys fees!
A big misconception is that estate attorneys only help old people set things up for when they die. In reality, trust and estate planning helps you throughout life with:
negotiating salaries more intentionally,
starting new businesses,
protecting your assets against lawsuits,
pre- and post- nuptial agreements,
wills, and
financial advice toward properly funding childrens’ college, retirement, and a lasting legacy!
A few highlights:
Legacy planning isn’t just for the elderly. At 18, you (and your children) need a healthcare proxy. Legally, children are no longer under parents’ guardianship. So, documentation needs to be in place for making emergency medical decisions. [4:25]
Getting married is like starting a business, but even more intimate and, often, with the intention to raise children together. Drafting a marriage constitution beforehand allows both parties to outline the rules and regulations as equals. It also guarantees that both parties will be treated fairly if things don’t work out. [8:46]
You are forced to have a will already -- it’s the laws of your state! No matter who you’re estranged from or don’t disagree with, if you pass away without your wishes and terms documented, your parents or next of kin get everything. Going through the estate planning process and establishing a trust prevents your loved ones from suffering through the court system and unnecessary drama once you're gone. [15:29]
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