#014: Wills 101 - Part 2
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 3 April 2017
⏱️ 37 minutes
🧾️ Download transcript
Summary
In the previous episode we talked about Wills: Why you need one and what to look out for so you do it right.
But before you draft out your will, these are the things you need to consider:
• Why you should never leave anyone $1.
• Beneficiaries: you should know who your people are
• Why you need to specifically disinherit people who you don't want to receive anything.
• Always anticipate that circumstances will change.
• Questions your attorney needs to be asking
• Why you might want to avoid making personal property bequests in your will. • Reference to tangible personal property.
• Residuary Clause
• Choosing an executor - and what is an executrix?
• Do you want your executor to get a bond?
Contact us for help with your Wills: http://www.bigpictureretirement.net
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide specific tax, legal, or financial advice. |
| 0:05.1 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:12.9 | Hey everyone and welcome to the Big Picture Retirement Show where we deliver insight |
| 0:17.7 | on what you need to know to live a successful and meaningful retirement. |
| 0:22.7 | If you are planning for or living in retirement, this is the show for you. |
| 0:27.7 | I'm Devin, joined as always by my co-host, John Ross. |
| 0:31.1 | Howdy, howdy, howdy. |
| 0:33.0 | All right, so this is the second episode that we're doing on wills. |
| 0:36.1 | That's right. |
| 0:36.5 | So we did an episode last week and we talked about what actually makes a valid will. Right. You got to have your head on. You got to have your testamentary capacity. You got to have your testamentary intent. Got to mean to do it. Yes. And then once you get past that, you've got to create a written document that meets certain formalities. That's right. And we talked about a few stories. |
| 0:54.8 | There was the guy that made the video where he held up a quarter and a garden hoe. |
| 0:59.9 | You got to go listen to that story. It's awesome. And it's real. I swear I didn't make it out. |
| 1:05.2 | Yeah. Good story there. We talked about how to create this valid will. So we have an idea that now, |
| 1:10.7 | okay, we've decided I'm going to go get this wheel made. And you know what? I'm going to do it the right way. I'm not going to take chances. I'm not going to try to screw this thing up with a pre-written wheel at Office Depot where I fill in the blanks. I'm going to go have this done the right way. What are some other things then that we need to think about before we go and sit down |
| 1:31.0 | and visit with that attorney? When you start getting into the drafting of this, I mean, one of the |
| 1:34.7 | first things is ultimately is going to be your beneficiaries. Yes. Again, going back to the whole |
| 1:39.6 | testamentary capacity, you got to know who your people are. Right. And so you've got to know who you're going to leave stuff to and in what shares and |
| 1:47.9 | things like that. |
| 1:49.1 | Now, a couple of things on that. |
| 1:50.9 | First of all, in virtually every state, in fact, I think in every state in the |
| 1:57.2 | United States, except for the state of Louisiana, you can disinherit anybody that you want to. |
| 2:05.9 | For example, if you have three kids, but you just don't like one of them, or for whatever reason you |
... |
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