Mark Kohler breaks down what a real estate plan needs: a will, a revocable living trust, powers of attorney for healthcare and finances, a living will, and specific provisions for personal assets like guns, horses, and pets. All of it goes in one binder.
The revocable living trust is part of an overall estate plan, and I want to point that out here too. An estate plan has certain pieces and parts. It's going to include a will and a trust and powers of attorney for healthcare and finances. And it's going to say, oh, a living will, meaning pull the plug if I'm a vegetable, and all sorts of extra provisions of where certain assets, even the guns, the piano, the horses, the dogs, the pets, where are they going to go? Well, this whole package goes into a binder, and this binder is called an estate 8 plan.
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