John, good to see you today. A very important question for you today is, What happens if you die without a will? Despite potentially devastating consequences, 54% of Americans don't have a will leaving estate planning up to a complicated range of state laws. So who even needs a will? Because I think a lot of us assume it’s for the very wealthy, but even one in five Americans with a million or more doesn't have a will. You know, really Erin, anyone who has a significant amount of property should, and that here in California can simply even be a townhome or a house, but I'm going to take it one step further. Wills are good to have, but you want a pour-over will, that goes into a living trust and I'm really going to pounce on the living trust part because a will still puts you into probate and your affairs are public. If you don't have a will, that's even worse because you're interstate and that means the government, who knows nothing about your wishes, knows nothing about your family dynamic knows nothing about you is making all the determination as to where your assets and money are going to go. So have a will but even more importantly, have a trust. Because that's going to give you more control and is going to keep your affairs private, you've got to probate.

I love how passionate you are about this John, we can all tell. Now if you die without a will your loved ones may get nothing especially if they are an unmarried partner or stepchildren who are left out under the law in almost every scenario. Yeah, and again, that goes back to what we said that the government knows nothing about you is going to determine where everything you've worked so hard for and you know, if you're like me, and I know you're the same way or you want to leave your possessions to the people you love and the people who will appreciate it. So you have to have documents in place. Because again, if you're inter-state, the government decides who's getting what, and like you said, there's been plenty of times where the right people have been cut out because it didn’t fit what the government decides. Right under the letter of the law, which brings us to your tips that you have for people John. And the first tip is to know your state's law. This is especially true in California. Yeah. Know your state's laws and know your state’s probate costs because in California, I've heard it's about 4 to 5% of your estate. So if you do the math, I mean a $500,000 home is you know, you can get that no problem here in California, that can be upwards of over $20,000 in probate costs. That's money that instead of going to your family is going to the courts and attorneys. So know the state laws, know their estate tax laws, know their probate fees.

And next, make sure all your assets are covered. Yeah, make sure your house is– Again, we're going beyond the will to make sure your house is titled in the trust. If you have those qualified retirement accounts. You may not need a will there. Make sure your beneficiary documents are complete, they're accurate and are up to date. Protect them annually because those are actually the most important estate planning documents. And last don't delay. I think a lot of us do hesitate though, because this can bring up some complex family dynamics. And this is I think this is probably the biggest thing. Everyone says “hey, I got to do my trust. I gotta do my trust.” Not only does it bring up interesting fun family dynamics, but let's be honest, death it’s morbid. No one wants to think about dying and what life is gonna be like for you know, your possessions and your beneficiaries after that. However, we know two things are certain Erin: Death and Taxes. And if you don’t plan for your death, guess what you are going to pay more in…Taxes.

So, you know, don't procrastinate. It's just one of those things where it's the elephant in the room. Take it one bite at a time. But you have to get the process started. You know, we've talked about just the depth of conversation, Erin there's so much more to estate planning than just death, again, harping on the fact that the trust versus the will is actually needed more. There's a lot of important live-in documents within a trust: the power of attorney, the health care directive. Those important decisions that you're making. If you're incapacitated, you’re not putting that stress on your children or loved ones. Which is the last thing people want to do. You're right. It's always about the family too. Well said, John, if somebody has questions about, you know, a will or an estate plan, how can they get a hold of you? Yes, so we always encourage people to visit our website www.gosecurus.com. We have a slew of resources for our website for you. And while you're on our website, you go to the contact us tab and click on the schedule appointment. And there you can either make a 15 minute phone call to answer any questions or a complimentary vision and clarity, consultation with us. Or you can do it the old way. Call the office 858-935-6210, ask to speak with Emily Wale and she will get you all set up. John, thank you. Thank you Erin.