Estate Planning Made Simple: Will, Trust, or Beneficiary Designation?

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Gimme Some Truth | Investing, Financial Advice for High-Net-Worth Families and Individuals

Walkner Condon Financial Advisors

267 episodes

4 days ago

In a world full of financial information – and misinformation – what do you believe and incorporate into your life, and what do you throw away? As an independent, fee-only financial advisor, one of our founding pillars is education. Through accessible, transparent communication, we help filter out the noise for our clients to allow them to focus on their financial future. The goal of our podcast, Gimme Some Truth, is no different. From the corner of Monroe St. in Madison, WI, we cover the intersection of financial planning, investing, and everyday life. Disclosure: walknercondon.com/podcast

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All content for Gimme Some Truth | Investing, Financial Advice for High-Net-Worth Families and Individuals is the property of Walkner Condon Financial Advisors and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

In a world full of financial information – and misinformation – what do you believe and incorporate into your life, and what do you throw away? As an independent, fee-only financial advisor, one of our founding pillars is education. Through accessible, transparent communication, we help filter out the noise for our clients to allow them to focus on their financial future. The goal of our podcast, Gimme Some Truth, is no different. From the corner of Monroe St. in Madison, WI, we cover the intersection of financial planning, investing, and everyday life. Disclosure: walknercondon.com/podcast

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Estate Planning Made Simple: Will, Trust, or Beneficiary Designation?

Gimme Some Truth | Investing, Financial Advice for High-Net-Worth Families and Individuals

16 minutes 38 seconds

9 months ago

Estate Planning Made Simple: Will, Trust, or Beneficiary Designation?

n this episode of Gimme Some Truth, financial advisor, Alicia Vande Ven, CFP® and estate planning attorney, Notesong Srisopark-Thompson, break down the key differences between wills, trusts, and beneficiary designations. Learn why probate is best avoided, when to transition from a will to a trust, and the importance of funding your trust properly. We also explore how financial planners and estate attorneys collaborate to protect your legacy.

Whether you’re just starting or revisiting your estate plan, this episode offers valuable tips to secure your family's future. Don't miss it!

Featured Guest:Notesong Srisopark-Thompson Senior Associate at Laffey, Sebranek, Auby & Ristau, S.C. https://www.lsar.law/notesong-thompson Topics Covered:Wills vs. Trusts: What’s the difference?Why beneficiary designations override your will.Probate court explained and how to avoid it.When to upgrade your estate plan with a trust.Cost considerations for estate planning.Introduction: Alicia and Notesong introduce the continuation of their estate planning discussion. (00:00:05)

Key Differences: Will, Trust, and Beneficiary Designation: Explanation of how these estate planning tools differ and their specific purposes. (00:00:35)

Understanding Probate and Why to Avoid It: Discussion on what probate is and its implications for estate planning. (00:01:37)

The Role of a Will in Estate Planning: Explanation of the importance of wills and their limitations. (00:03:11)

Trusts as a Tool to Avoid Probate: Introduction to revocable living trusts and their benefits. (00:03:41)

When to Transition from a Will to a Trust: Identifying life stages or financial circumstances when creating a trust is advisable. (00:07:53)

The Importance of Funding a Trust: Explanation of why updating account beneficiaries and funding a trust is crucial. (00:12:06)

Beneficiary Designations vs. Wills: How beneficiary designations on accounts override wills. (00:04:12)

Cost Implications of Estate Planning: Discussion on the financial impact of working with an estate planning attorney versus the potential costs of not planning. (00:08:55)

The Collaborative Role of Financial Planners and Estate Attorneys: How financial planners and attorneys work together to ensure seamless estate and financial planning. (00:14:11)