Navigating Wills and Trusts Part 1 [Episode 61]

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Attorney-CPA Joe Cordell and co-host Susan Arthur begin a two part journey on wills and trusts. They highlight intestate succession and the necessity of the probate process. Probate can be a polarizing subject, but Joe explains how it functions to make sure that the wishes of the deceased are carried out.

Joe and Susan discuss why having a will is so important and why you should be suspicious if you get a will for less than $500. They also explore the ins and outs of the different types of trusts and what you can accomplish with a trust.

Joe details the positions involved and each of their responsibilities when a trust is involved, as well as the history of transferring assets. He also talks about the importance of choosing trustees, as well as dealing with internal family conflict when dealing with the estate plan. The plan needs to cover possible risks that can arise, especially when it comes to the surviving spouse.