Ep 70: Estate Planning for Life After Death with Patrick Boley (Part 2)

On part two of our estate planning conversation with attorney Patrick Boley, we turn our attention to life after death to discuss the documents you need to have in place. That includes a detailed discussion on wills and trusts, along with the role probates play in the estate process.

 

Read more and get additional resources here: https://principalpreservationservices.com/ep-70-estate-planning-for-life-after-death-with-patrick-boley-part-2/ 

 

Check out Part 1: https://principalpreservationservices.com/ep-69-the-living-side-of-estate-planning-part-1/ 

 

What we discuss on this episode:

1:14 – Interview begins

2:44 – What happens if you don’t have documents in place?

3:58 – The Will

6:19 – Probate & the Transfer on Death Deed

10:16 – Stepped-Up Value  

11:52 – Formal or Informal Probate

13:44 – Mike shares a personal story  

17:48 – Client story about a will getting contested

18:55 – Revocable Living Trust

22:41 – Putting house in a trust  

28:22 – Second marriages

30:30 – Dangers of doing it yourself

33:24 – Protection from nursing home

35:13 – Updating your documents