Estate Planning Mistakes to Avoid [Episode 111]
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Attorney-CPA Joe Cordell and co-host Susan Arthur identify some of the missteps that people make in their estate planning and highlight methods of avoiding these mistakes. They talk about the legal side of facing disasters when traveling with loved ones and how contingent agents and contingent trustees can be beneficial in times of crisis.
Joe and Susan talk about the challenges involved in leaving assets to minors and the importance of specific language in legal documents, as well as the implementation of trustees, in order to ensure the asset be maintained until the minor is of a specified age.
Joe and Susan discuss how marriage and prenuptial agreements can factor into the protection of assets and estate planning. They discourage only naming one person in your estate planning documents and emphasize the importance of including a residuary clause. Joe also highlights the importance to include advanced health care directives that reflect your wishes.
