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Season 2 Episode 30: The True Cost of Not Having a Will

end-of-life planning legal probate trusts wills Dec 02, 2024
Cover page of Honey, Santiago & Jennifer Norton

 

In this episode, Honey and Santiago visit with Jennifer Norton, founder of Norton Estate Planning and Elder Law Firm in Indianapolis, Indiana. With her expertise, Jennifer helps listeners understand the vital importance of having a will or trust and the nuances of probate. They dive into the complexities of estate planning, sharing actionable insights, real-life stories, and practical advice to make navigating this often-overwhelming process a little easier.

Disclaimer: This is not legal advice. Consult an estate or elder law attorney in your state for your specific situation.

Today’s essential question: How important is it for you to have a will or trust?

Episode Highlights:

  • The Reality of Wills & Trusts: Jennifer explains the differences between wills and trusts, including how they guide the distribution of assets and their impact on probate processes.
  • Probate Unveiled: What is probate, and why do many seek to avoid it? Jennifer provides a breakdown of the process and shares the potential emotional and financial costs.
  • Real-Life Scenarios: Jennifer shares stories of how families can be affected when proper planning isn't in place, particularly in blended families or with disputes over assets.
  • Guardianship and Minor Children: The crucial role of guardianship designations and how they protect children and their inheritance, even in the absence of a will.
  • Debts, Assets, and Probate Fees: Who pays for outstanding debts after a death, and how can estate planning reduce the financial burden on loved ones?
  • Benefits of a Trust-Based Plan: How trusts can avoid probate, save time, reduce costs and ensure privacy for families.
  • Planning for Funerals and Beyond: Options like funeral pre-planning, using life insurance for funeral expenses and organizing assets to ease the burden on family members.

Advice from Jennifer Norton: 

  • Organization is Key: Keep a clear record of assets, debts, and important documents to avoid a "morbid scavenger hunt."
  • Have Difficult Conversations Early: Talk with family members about your wishes to avoid disputes later.
  • Choose the Right Team: Select executors, trustees and guardians who are reliable and capable, even if they aren't family members.
  • Trusts Can Save Time & Money: Although setting up a trust may seem costly upfront, it often saves significant time and expenses in the long run.

Conclusion:

This episode underscores the importance of proactive estate planning to secure your family’s future and peace of mind.

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