Demystifying Wills and Trusts: Avoiding Probate and Planning Your Legacy

Healthy Wealthy & Wise Dr. William T. Choctaw, MD, JD

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!