[00:35] Kenny Conklin, Cameron Bond, and John Christensen explore the basics of wills, trusts, powers of attorney, and what happens when you don’t have a plan in place. [00:34]

GUEST INFORMATION:

Name: Kenny Conklin, Cameron Bond, John Christensen

Title/Credentials: Partners at StoryOne Family Office [35:22]

Background: John brings nearly 20 years of estate and tax planning experience, Cameron has 10+ years in financial planning, and Kenny hosts with a focus on client relationships [05:00]
Connect with guest: StoryOne Family Office [35:22]

EPISODE HIGHLIGHTS:

[00:01:31] – John’s Journey into Estate Planning [01:17]

• Discussion of how John discovered estate planning as both a service to families and a solid business model [00:35]
• Key quote: “If you spend your life reviewing and drafting documents, you’ll hate your life.”

[00:04:52] – The Reality of Estate Planning Needs [06:58]

• Cameron shares experience from hundreds of client meetings about estate planning gaps [05:00]
• Key quote: “It’s really common that when we intersect a family, they don’t have a plan or they did a plan 15 years ago, but they haven’t looked at it.” [05:09]

[00:07:07] – What Actually Constitutes an Estate [07:38]

• John explains that everyone has an estate, regardless of wealth level [07:28]
• Key quote: “I bet between 25 and 50% would say, I don’t need an estate plan, I don’t have an estate.” [07:07]

[00:09:41] – Understanding Wills vs. [13:57] Trusts [14:45]

• Detailed explanation of will-based plans versus trust-based plans
• Key quote: “Every estate planner’s goal is to avoid taxes and avoid probate.” [11:36]

[00:16:19] – The Life Insurance Reality Check [16:24]

• Discussion of how life insurance changes the estate planning equation for young families [28:10]
• Key quote: “If you have life insurance and minor children, then you need a trust.” [16:46]

[00:17:33] – Powers of Attorney Explained [20:32]

• Coverage of financial and medical powers of attorney and their critical importance [17:34]
• Key quote: “The likelihood of you dying prematurely versus becoming incapacitated prematurely, being incapacitated is like two and a half times more likely.” [18:10]

[00:25:29] – What Happens Without a Plan

• Explanation of intestate succession and probate complications
• Key quote: “Probate is bad, but intestate succession is the worst.” [25:30]

[00:28:39] – The Investment Perspective on Estate Planning [05:09]

• Cameron addresses cost concerns and the stewardship aspect of planning [04:35]
• Key quote: “It’s almost a non-negotiable. If you have a family, if you’re responsible, then you should have an estate plan.” [28:10]

RESOURCES MENTIONED:

• Terry Schiavo case: Historical legal case that highlighted the importance of advanced healthcare directives [24:20]
• State of Kansas estate laws: Referenced for intestate succession and age of majority (21) [16:19]
• Maryland probate system: Mentioned as example of heavy probate state [13:07]

KEY TAKEAWAYS:

1. 1. 1. Everyone has an estate regardless of wealth level – it’s simply all your assets at death [08:30]
      2. Trust-based plans are recommended for 90%+ of families over will-based plans [10:52]
      3. Powers of attorney for both financial and medical decisions are crucial for incapacity planning [17:36]
      4. Proper estate planning is an act of love and stewardship toward your family [28:12]
      5. The cost of proper planning is minimal compared to the cost of probate and family complications [11:36]

CALL TO ACTION:

Have questions about estate planning? The StoryOne team wants to hear from you! Submit your questions in the comments for upcoming Q&A episodes. Follow the StoryLens podcast on Apple Podcasts, Spotify, and YouTube, and connect with StoryOne Family Office for personalized estate planning guidance. [34:23]