))
Demystifying Wills and Trusts: Avoiding Probate and Planning Your Legacy
Manage episode 404211438 series 3466007
Content provided by Dr. William T Choctaw, MD, JD, Dr. William T Choctaw, MD, and JD. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Dr. William T Choctaw, MD, JD, Dr. William T Choctaw, MD, and JD or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
This episode dives into estate planning, specifically wills and trusts. Here's what you'll learn:
- Why you need a plan: Ensure your assets go to your loved ones and avoid probate court delays and expenses.
- Wills vs. Trusts: Wills are simpler but require probate, while trusts avoid probate but have upfront costs.
- Benefits of Trusts: They offer privacy, control over asset distribution, and potential creditor protection (with irrevocable trusts).
- Alternatives to Wills and Trusts: Joint tenancy, beneficiary designations, and pay-on-death accounts can bypass probate for specific assets.
- Creating a Will: It's a signed, dated document witnessed by two people. California allows for handwritten "holographic" wills.
- Creating a Trust: A more complex option requiring an attorney. Assets need to be formally transferred to the trust to avoid probate.
- Different Trust Types: Revocable trusts offer control, while irrevocable trusts may offer tax benefits and creditor protection.
Listen to gain knowledge and empower yourself to plan your legacy!
93 episodes
Share
