Jim welcomes attorney Adam Sherry, an estate planning specialist with Anderson & Yocum APC. Adam acknowledges that most people don’t want to think about, or plan for, their own mortality. But the costs of not drawing up a will, and completing an estate plan, are very high. They can involve estate taxes, probate fees, time delays, and public scrutiny. The delays involved in the probate process can be extreme in large estates, going on for years and even decades. Another cost is the total lack of control over to whom your estate will be distributed, including desired charities and special bequests. They discuss the mistakes made by the musician Prince and other celebrities who died without a will or estate plan. Adam explains various trusts that can avoid the headaches and costs of probate.
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