The Estate Planning Conversation You've Been Putting Off (Feat: Danielle Guerrero, Esq.)

You have a will. Maybe you've even created a trust. But when was the last time you reviewed either one? And are you confident those documents will actually accomplish what you intended? In this episode of Money Made Simple, Mike and Nick Lockwood welcome estate planning attorney Danielle Guerrero, Esq. of Elegy Law for a conversation about the estate planning decisions families often put off. From understanding the difference between a will and a trust to choosing the people who will make important decisions on your behalf, Danielle breaks down why estate planning involves much more than deciding who inherits your money. The conversation explores how trusts can help families plan for incapacity, manage inheritances and provide protection for future generations. Mike, Nick and Danielle also discuss how estate planning intersects with retirement accounts, tax considerations and the financial decisions families make throughout their lives. Perhaps most importantly, they examine what can go wrong when a trust is never funded, documents remain unsigned or an estate plan goes untouched for decades. Whether you're starting from scratch or already have documents in place, this episode offers practical reasons to revisit the conversation you've been putting off. Chapters: 00:00 Welcome & Meet Danielle Guerrero 02:26 Why Do You Need an Estate Plan? 05:53 Wills vs. Trusts: What's the Difference? 09:00 When Should You Create or Update a Trust? 13:17 The Essential Estate Planning Documents 18:00 Understanding Powers of Attorney 26:35 Trust Design: How Should Your Assets Be Distributed? 36:17 Retirement Accounts & Trust Beneficiaries 40:00 Estate Planning Red Flags 43:30 Outdated Trusts & Changing Tax Laws 46:45 When Should You Review Your Estate Plan? 48:30 Family Dynamics, Inheritance & Final Takeaways