Kaz's Korner
Financial insights for life, no textbook required.
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Kaz's Korner
From Wills to What-Ifs: Real Talk on Estate Planning
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Adam Kazinec
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Season 1
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Episode 4
In this episode, Adam Kazinec sits down with estate planning attorney Stephanie Eban to break down what estate planning really means, who needs it, and why it’s often overlooked or misunderstood.
Key Highlights:
- Estate Planning is for Everyone: Stephanie explains that estate planning isn’t just for the wealthy or elderly—it’s about making decisions for your assets, health care, and loved ones in the event of incapacity or death. Even an 18-year-old should consider powers of attorney.
- Triggering Events: Major life changes—marriage, divorce, relocation, childbirth, a family member’s passing, or acquiring new assets—should prompt a review or update of your estate plan.
- Human vs. AI: Stephanie discusses why estate planning is not easily replaced by AI. Real planning requires understanding emotional family dynamics, nuanced contingencies, and individual intentions that can’t be captured by generic templates.
- Common Mistakes: Errors such as missing beneficiaries, outdated documents, or naming the wrong individuals can derail even the best intentions. Stephanie shares real-world examples, including a client who unknowingly left one of their children out of their will.
- Beneficiary Designations Matter: Many forget to update beneficiaries on accounts like 401(k)s or life insurance. These often default to ex-spouses or outdated names, bypassing the current estate plan entirely.
- Must-Have Documents: At minimum, adults should have:
- Financial Power of Attorney
- Health Care Directive
- A Will or Trust, depending on their needs
- Costs and Timelines: Most estate planning is done on a flat-fee basis. A typical process can take about 6 weeks, though complex plans may take longer. Transparency about cost and scope up front is key.
- Why Work With a Specialist: Not all attorneys are estate planners. Stephanie advises clients to ask how many estate plans an attorney has completed and seen through in real life, as experience matters deeply in this field.