Protect Your Loved Ones with and Estate Plan | Estate Planning is an Act of Love
Kyrsten and Justin joined Lisa Malak and Chelly Boutott on the set of Local 5 Live to share how planning your estate can be a lasting act of love.
Chelly Boutott: And welcome back to Local 5 Live. Valentine's Day is just around the corner, and Kyrsten and Justin from Hooper Law Office are here to share how planning your estate can be a lasting act of love.
Lisa Malak: Yeah, for your whole family. Good morning to you guys.
Justin Randall: Good morning.
Lisa Malak: All right. Justin, let's start with you. You guys brought a book here and you have one called Your Life, Your Legacy. It calls this an act of love. Why do you coin it that way?
Justin Randall: Well estate planning really is an act of love. When you think about heightened emotions that occur after someone's passed away, it really leads to a lot of opportunities for conflict, and those rifts can take years to heal if they ever do. So by creating an effective plan and having things in place and letting people know what you want ahead of time, you're really allowing them to have an easier process after you pass away.
Lisa Malak: Sure.
Chelly Boutott: Kyrsten, are there financial implications for families who do not have an estate plan?
Kyrsten Kaiser: Absolutely. There can be unnecessary costs if you don't have an estate plan in place. Most of the time, if you don't have a proper plan, there may be taxes that come about or unnecessary court costs. There's also the costs of your family's time. If they don't know where all of your assets are located, they can spend a significant amount of time trying to locate all of them and get everything settled in your estate.
Lisa Malak: Well Justin, what about young families? Because certainly, when you're just starting out, you're in a different financial place than if you're someone in your 60s.
Justin Randall: Young families should absolutely plan as well. There are certain things that you can only do through a will for example like naming guardians for your children, and that's incredibly important for young families. Who's going to take care of your kids if something happens to you? So there's no age restriction on estate planning.
Chelly Boutott: You have a couple of books here. Why don't you explain what these are?
Kyrsten Kaiser: These are resources that we have available. We do bring them to our public seminars as well. If you attend those, you can get some of these books for resources that kind of go more into detail, information that we go over in our public seminars.
Lisa Malak: Because there are a lot of topics to cover.
Kyrsten Kaiser: Absolutely.