More than half (56%) of Americans believe that estate planning is important, but only a third have documented their plans, according to LegalZoom. Yeomans Consulting Group Financial president and advisor Nicholas Yeomans joins Wealth Host Brad Smith to discuss why estate planning is important and the three documents he believes every retiree should have: a will, a durable power of attorney, and a living will.
"At the end of the day, I don't want courts or some attorneys involved in my affairs and making decisions where I could have made the decisions for myself and my family up front," Yeomans says, explaining, "This is about being proactive and making our decisions today rather than someone making them for us in the future."
"Everyone should have at least these three basic documents," he says, outlining, "We need the will, and the will is basically a letter to [the] probate court that says what your wishes are and who will carry those wishes out."
Yeomans goes on to emphasize the significance of durable financial power of attorney and healthcare directives, like a living will.
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This post was written by Naomi Buchanan.