May 02, 2023

Estate Planning 101: Everything You Need to Know with Laura Cowan

35 minutes

Many people believe that estate planning is only for high net worth individuals. But as Laura Cowan and I discuss in this episode of Financially Ever After Widowhood, having an estate plan is crucial regardless of your financial situation. Laura is a trusts and estates attorney based in Midtown Manhattan, and the founder of the Law Office of Laura Cowan. She joins me to dispel some common myths around estate planning, including why it’s important to have a healthcare proxy and power of attorney in place, and why planning is particularly important for unmarried individuals with limited resources. Laura also provides insights into the key documents involved in estate planning and the factors to consider while selecting the right trustee.

You’ll hear Laura and I discuss:

Estate planning is not just for the wealthy, and having an estate plan is important for everyone, regardless of their financial status.

Unmarried individuals with limited resources should prioritize estate planning as they might not have the resources to deal with any unexpected events. Furthermore, planning is more complicated for them as they don't have the option to leave everything to a spouse and children.

The healthcare proxy and financial power of attorney are crucial documents in estate planning as they enable someone to make medical and financial decisions on your behalf if you are unable to do so.

The person you choose as your financial power of attorney should be someone you trust because they will have the same power over your assets that you have

A living trust can be a better option than a will because it avoids probate, which can be expensive, time-consuming, and a public process. Trusts can also provide privacy, ease of distribution, and the ability to set up guardrails for how and when your children inherit your money.

A trustee does not need to have expertise in investing or managing money and can hire outside professionals for help.

Factors to consider when choosing a guardian for minor children include their values, morals, and potential changes in their marital status. Even if children are older, it is important to name legal guardians in a will to ensure that their best interests are met.

Resources

Laura Cowan Website | Instagram

Email: [email protected]

Phone: 212-760-2956

Talk with Laura about setting up your estate plan

Stacy Francis on LinkedIn | Twitter

Email: [email protected]

FrancisFinancial.com

Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!

...more

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By Stacy Francis

4.8

3939 ratings

May 02, 2023

Estate Planning 101: Everything You Need to Know with Laura Cowan

35 minutes

You’ll hear Laura and I discuss:

Estate planning is not just for the wealthy, and having an estate plan is important for everyone, regardless of their financial status.

The healthcare proxy and financial power of attorney are crucial documents in estate planning as they enable someone to make medical and financial decisions on your behalf if you are unable to do so.

The person you choose as your financial power of attorney should be someone you trust because they will have the same power over your assets that you have

A trustee does not need to have expertise in investing or managing money and can hire outside professionals for help.

Resources

Laura Cowan Website | Instagram

Email: [email protected]

Phone: 212-760-2956

Talk with Laura about setting up your estate plan

Stacy Francis on LinkedIn | Twitter

Email: [email protected]

FrancisFinancial.com

Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!

...more