Estate Planning Basics: Wills, Trusts & Asset Protection | Nick DeVito, CFP

Estate Planning, Wills, Trusts & Common Trust Pitfalls Explained | Financial Planning: Explained This week on Financial Planning: Explained, host Michael Menninger, CFP® is joined by Nick DeVito, CFP®, Partner and Financial Planner at Menninger & Associates Financial Planning, for the first episode of a two-part series on estate planning. In this episode, Mike and Nick discuss the basics of estate planning, including wills, trusts, and common mistakes people may run into when creating or maintaining a trust. They explain why having estate planning documents in place can be important, but also why those documents need to be structured and reviewed properly. They also walk through examples of strategies that may help address common estate planning pitfalls, such as outdated documents, improperly titled assets, unclear beneficiary designations, or misunderstandings around how trusts actually work. This episode sets the stage for part two, where Mike and Nick will take a deeper look at more advanced estate planning concepts. Whether you’re creating your first estate plan, reviewing an existing will or trust, helping aging parents, or simply trying to better understand how estate planning works, this episode provides helpful insight into wills, trusts, trust planning mistakes, and financial planning for future generations. Topics Covered: Estate planning explained Wills and trusts Common trust pitfalls Estate planning mistakes Trust planning strategies Beneficiary designations Asset titling and estate planning Reviewing estate planning documents Financial planning and estate planning Planning for future generations Legacy planning basics Advanced estate planning concepts For more information on Menninger & Associates Financial Planning visit https://maaplanning.com Meet Mike Menninger, CFP the host of Financial Planning: Explained https://maaplanning.com/who-we-are/ou... #financialplanning #estateplanning #truststory 0:00 – 1:00 | Introduction 1:01 – 2:10 | The Value of Estate Planning Education 2:11 – 3:20 | Six Areas of Financial Planning 3:21 – 4:40 | The Will – Foundation of Every Estate Plan 4:41 – 7:00 | Durable Power of Attorney Explained 7:01 – 8:50 | State Differences in Estate Law 8:51 – 10:40 | Medical Power of Attorney & Living Wills 10:41 – 13:00 | Living Will Case Study: Terri Schiavo 13:01 – 14:20 | Trusts in Estate Planning 14:21 – 15:35 | Testamentary Trusts and Control After Death 16:05 – 19:00 | What Actually Goes to the Will 19:01 – 21:00 | Trusts and Beneficiary Designations 21:01 – 23:30 | Understanding Probate 23:31 – 29:07 | Estate Planning Summary & Conclusion