#578 The Complete Guide to Estate Planning

Main Street Business

In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen explain why every adult—single or married, wealthy or not—needs a will and a revocable living trust. Learn the practical steps for setting up your estate plan, naming a trustee, and ensuring your assets stay protected and your wishes are followed.

Here are some of the highlights:

• Mark emphasizes the importance of having a will, noting that 50% of Americans do not have one.
• Mat explains that a trust allows for more control over who gets what, when, and under what conditions.
• Mark and Mat discuss the flexibility of a trust, including the ability to amend it as life circumstances change.
• Example of Robin Williams' will being made public, highlighting the privacy benefits of a trust.
• A living trust is effective immediately and can be funded with assets during one's lifetime.
• The concept of a "trifecta" or "pitcher" that brings together all the elements of an estate plan.
• Mark clarifies that a trust does not provide asset protection and should not be used for that purpose.

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Chapters

1. Introduction to Estate Planning (00:00:00)

2. Will vs. Trust Showdown (00:01:21)

3. Key Components of a Living Trust (00:04:26)

4. Choosing Your Trustee and Guardians (00:08:54)

5. Trust Provisions and Funding (00:15:37)

6. Beyond the Trust: Essential Documents (00:17:17)