Estate Planning Essentials: Understanding Wills and Trusts with Alessandra Long

Perennial Pride

In this episode, Tom Suvansri welcomes back estate planning expert Alessandra Long for a deep dive into the essentials of wills and trusts. Following their initial discussion on estate planning basics, Tom and Alessandra explore the key elements of wills, from the different types to the importance of having one in place, no matter your life stage. They also break down trusts, explaining their purpose, how they can benefit even those without vast wealth, and why funding a trust is crucial. This episode offers practical advice to demystify estate planning, helping listeners understand how to secure their financial legacy.

Highlights 01:50 - Importance of wills and why they matter. 02:44 - Explanation of what a will is and its key components. 04:53 - Types of wills and their specific purposes. 06:31 - Why having a will could simplify estate management. 10:39 - The role of a will in managing the estate of young adults. 11:59 - Misconceptions about the cost of setting up a will. 18:20 - Significance of updating your will as life changes. 21:51 - Common scenarios necessitating a will, including second marriages and special needs children. 27:16 - The reason behind creating trusts for minor children. 30:31 - Detailed insight into revocable living trusts. 36:34 - Understanding the process and timeline involved in probate. 37:39 - The financial and emotional burden associated with probate. 41:29 - How proper planning can alleviate the probate process.

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect Alessandra Long
• [e-mail]

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