We’re all going to die! There’s no sense in pretending we’re immortal. And even the most ardent minimalists among us collect possessions and money, and that needs to go somewhere when the end comes.
Not to mention those with families – what’s the plan for your assets and liabilities if you were to pass? How will things be handled? Who will take care of any spouse and children you left behind?
Of course, even before everything that has happened with the coronavirus, one of my big goals for this year was to get all of my estate planning in order. Still, it’s safe to say that recent world events have maybe bumped the priority up a couple of notches.
A living trust is simply a set of instructions for what happens to your assets after you pass. I always thought that a living trust and will were synonymous but as it turns out, they’re pretty different.
As physicians, we know this area all too well. I’m sure all of us have had to address this issue with a patient at some point in our journey, whether it was back in medical school or residency.
Do you know the location of all of your important documents? Things like deeds, certificates, forms, titles… If you’re like me, I knew where maybe one or two of those were in my home.