Business
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