REPLAY of Estate Planning with Lillie N. Nkenchor
This month I’m talking about Risk Management on the podcast, also known as the area of financial planning that no one wants to talk about and today’s subject is certainly the subject I find clients the least interested in and that is Trust and Estate Planning or planning for a death. Planning for death is certainly not something any of us would get excited about but as a financial planner for almost 15 years, I can tell you that I’ve seen clients experience it and I’ve seen clients suffer from not being prepared for it. There is nothing worse than losing a loved one, but the only thing I can imagine worse than that is also not having a plan for when they pass, it creates a tremendous amount of stress and burden on those they’ve left behind.
Today’s episode is unfortunately going to have to be a replayed episode but the content is still what I would recommend. Full disclosure, I was hoping to get Lillie back on to record another episode but she just had her first baby and having been in her seat 18 years ago as the working mom of a newborn baby, I know that the last thing she has time for is a podcast recording with me, but I want to continue to shine a light on the work Lillie does and has done and hopefully you’ll want to work with her and her team so she can start saving for her child’s college savings. Anyway, joining me for this replayed episode is Lillie Nkenchor, President of Lillie Nkenchor PC and she discusses why she became a trust and estate attorney and why you don’t have to be wealthy to think about trust and estate planning.
What are we drinking?
Lillie - Homemade pineapple, beet, and carrot juice.
Shannon - Black Cherry Schweppes
Podcast Notes
Lillie’s original plan was to attend medical school, but she quickly realized that she and chemistry were not friends and had to pivot. Law school came into her sphere, and she thought, ‘maybe I’ll be good at it.’ Law wasn’t a burning passion. She started studying for the LSATS, passed, and showed up ready on day one. Her background in science led her to focus on health law, but she enjoyed Estate and Tax Law.
Estate law touched her in a way the other fields did not. It’s because she realized with the proper documents, you can build a legacy and take care of your grandchildren. It’s incredibly practical.
Tax law is scientific; there is always an answer. In contrast, other areas like con law are jurisdictional and can depend on how the judge feels that day.
Lillie leaped into entrepreneurship because working in her corporate role provided no personal fulfillment. She kept searching for different positions but couldn’t find anything that seemed like the right fit. That’s whenshe realized she had to create it.
Why Engage with a Trust & Estate Planner
Estate planning is for everyone, not just the elite. There are different levels of estate planning. Someone with $100,000 will have different needs than someone with a few million dollars. Everyone has the right to make a plan and their wishes known. An estate plan is essential if you have assets and people you care about in life.
Death and money can bring out the worst in people. It can get messy. When you pass away, your loved ones will already be distraught. Not making a plan beforehand will make things even more complicated for them.
There is a common misconception that estate planning is unnecessary if you don’t have a spouse or children, but this group of people is one of the most important! Without clear connections like a spouse and a plan, the state will do what they think is best.
While each state has its own laws, in general, assets will go to the next of kin if it’s unclear where they need to go.
If you don’t have a spouse, children, or anyone you want to leave your assets to, they can go to your pets or a non-profit organization.
Estate Planning Fundamentals
The foundation of the will is about controlling the distribution of your assets, and if you have children under 18 years, who will raise them in the event both parents pass. Assets without automatic legal designations are determined through the will.
Assets with automatic legal designations are accounts with beneficiaries added or property owned by someone else. These assets already know where to go. The will fills in the gaps for everything else.
If working with an estate planner is out of your budget, start with a lower-cost option. It’s best to have a plan and upgrade it once you can afford it. Some employers offer essential estate planning, and there are low-cost options through platforms like LegalZoom.
While using software is fine, they aren’t as nuanced or provide the care an actual human does. An estate planner will remind you to update your documents when laws change and check in on you. When you pass away, these documents must be processed through systems, and an estate planner will take care of that for you.
Lillie always recommends working with a professional, but a basic DIY plan is better than nothing. Don’t let cost hinder you from getting this done. Working with an estate planner on the low end will cost about $3000 - $5000. It depends on your location and the attorney. Some firms will ask for more.
Trust & Year End Planning
A trust and will complement each other. Everyone should have a will, and a trust is a next step. It’s for when you have a bigger vision for your assets and how they’re to be distributed.
The trust is a gift with some rules and stipulations. Some are based on age or for specific purposes, like education. There are many different types of trusts. One example is a special needs trust.
Updating your estate plans is a good habit whenever there is a significant life change. Check up on your accounts, and update the beneficiaries if needed.
Since these are state-specific, if you have moved, update your will. Some states will honor parts of the will from other states, but it all depends on the laws in each state.
Large amounts of wealth is not needed to make a plan. You only need to have intentions for your assets.
Takeaway: My biggest takeaway is that estate planning is something that everyone should focus on and it doesn’t have to be cost prohibitive.
Random Three Questions
If you were not an attorney, what would your dream career be?
What are you currently binging?
If this was your last meal on earth, what would it be?
Connect with Lillie
Website: www.lillienkenchor.com
Instagram: @lillie_nkenchor_pc
Linkedin: Lillie N. Nkenchor, Esq., LL.M.
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com or join the private Martinis and Your Money Facebook Page, and let me know what you want to hear.
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