Estate Planning On My Mind

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.

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.

Thinking about your own mortality is no fun. Personally, it’s not something I often consider. I’m usually too busy trying to figure out how to live the most extraordinary life possible.

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.

My goal is to get everything in order just in case something happens to me. That way, I can rest assured that even if the worst happens, I know my family will be taken care of. If you share that goal, you might be interested in some of the major considerations I’ve been tackling.

Living Trust

Arrow

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.

A trust allows you to assign a trustee, or someone who will handle your assets on behalf of your beneficiaries. You do still give instructions for how those assets are distributed, though, much like a will. However, a trust has three main advantages:

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