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well estate planning is is something that well
i'll set your worries at ease if you don't have an estate plan Frank the
state of California wrote one for your
and your your family's gonna find out in a very uncomfortable way what that works
how that works it's called probate and if you don't have a plan in place
even if you're just incapacitated just
something happens to you and you don't actually managed to die
and somebody wants to continue to run your business well they're gonna end up
taking your business in the probate court
and all the bids in anything that you need to do to run your business
are now blessed and approved through the probate process also
the attorneys who wrote the Probate Code wrote their salary right into the
Probate Code and I'm
I'm not an attorney so i cant say what that is
or whatnot but what we're suggesting is that people end up
if appropriate that they get a living room ok we'll trust
in his party giving getting at living revocable trust there's durable powers
of attorney
one is for health care so that if something happens to you
that those decisions are made on your behalf
and then the other's for finance you know a bill comes in and it needs to have some
special language in it as well
so a bill comes in and the person is gonna pay your bills on your behalf
gets a bill from a doctor's office well they need to make sure they can ask
questions without the right language
how do they know they can pay that bill it's very important
very very important and one thing I wanted them
and back into the estate planning part of that Frank was
as people
well one thing is is if you have a retirement account or a life insurance
policy you have something called a beneficiary
who's that going to pay to when you pass away
and one of the distinctions about who I am as I've been trained by a gentleman
his name is Ed Slott
in ed slott is for the wall street journal calls when they have questions
about retirement
and pensions and through that training I've learned a great deal about
how beneficiary statement should be set up
in the challenge the is that I haven't seen a beneficiary statement set up the
way that the owner thinks it would be set up
so that's critical that one other things we'll do is we'll do a
a a complimentary beneficiary review with people make sure that things are
set up properly