In this episode of Simplifynance, host Rachel Stewart, financial advisor, welcomes her guest Stephanie Prestridge, an attorney at Lineage Law in Baton Rouge, Louisiana to discuss why we all should establish a will. Stephanie shares what new clients can expect, and why you should start sooner than later.

Show Notes:

• 0:14 - Why do wills get put on the back burner by clients
• 0:44 – Stephanie's clients are between their mid-20s through their mid-40s
• 2:20 - What is the purpose of a powers of attorney
• 3:10 - What happens if someone passes away without a will
• 3:44 - How does forced heirship work
• 4:49 - Is it difficult to establish a will if you are uneducated about it
• 5:40 - How long does the process of setting up a will take
• 7:20 - What is the value clients have seen with Stephanie's fee structure
• 8:31 - Talking about a will doesn't mean that death is going to happen

3 Key Points:

1. Powers of Attorney or douments that are would take effect while you're alive and would provide for someone else to step in your shoes.
2. If you don't write a will, the state of Louisiana will write one for you.
3. Lineage Law uses flat fees instead of billable hours.

Quotes:

- "When someone turns 18, take that now-adult child...and have their powers of attorney done." –Stephanie

- "You need to account for what happens if you live, just as much as you need to account for what happens when you die." –Stephanie

- "A trust is "a cup." –Stephanie

Resources Mentioned:

• simplyfinance.com

Contact Information:

• Rachel Stewart
• com
• Stephanie Prestridge - Linkedin