Estate Planning Essentials

In Episode 5 of Simply Wealth, Cory Cook is joined by Dan Cox, Dakota Steele, and special guest Rich Seils, an experienced estate planning attorney.They break down the fundamentals of estate planning in plain English — answering key questions like: Who needs an estate plan? What happens if you become incapacitated? What is probate, and why does it have such a bad reputation?The conversation covers the four ways assets pass at death (beneficiary designations, joint ownership, probate, and trusts) and walks through the essential documents everyone should have: a will, financial power of attorney, healthcare power of attorney, and living will.At the 27-minute mark, they transition into a detailed deep dive on trusts — explaining what a revocable trust is, when a trust makes sense (especially with minor children or complex family situations), how to properly fund one, and the pros and cons of using trusts versus relying on a will. They also discuss common pitfalls, including predatory “trust mill” tactics targeting seniors and the importance of coordinating estate planning with your overall financial plan.Whether you’re just starting to think about estate planning or want to better understand how trusts can protect your loved ones and avoid probate, this episode delivers clear, practical guidance to help you take control of your legacy.Tune in for straightforward advice that simplifies one of the most important (and often misunderstood) areas of wealth management.