Mark Kohler walks through a five-step estate plan: create a living trust, name a trustee or small group to manage it, fund it with your key assets, keep it updated as things change, and review it every few years. Without a plan, your family faces court delays and costs.
If you don't create your own plan, the government has one for you when you pass away. But it's more than that. This trust is a plan for you while you're alive. And having no plan is the worst plan of all. So here is a simple blueprint for you to protect your family and your legacy. Number one, set up a living trust now, not later. Number two, name the right trustee or group of trustees. Maybe three at the most. Number three, move your key assets into the trust so it actually works. The trust that's not funded it is worthless. Number four, you're going to maintain the trust by transferring assets into it on a regular basis as your investments in businesses and assets change. And finally, you're going to review it every few years as your life changes and update it as necessary. And remember, you don't need to be perfect. Your trust doesn't need to be perfect. You just need to get started and you can always amend it later. Wealthy families do that all the time and it's very affordable to do.
The secret to managing your family's future #financialfreedom #estateplanning #shorts
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