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Big Picture Retirement®

#024: Keep the Original Will, and Rental Income in Retirement​

Big Picture Retirement®

Devin Carroll

News, Business News, Investing, Business

4.7546 Ratings

🗓️ 12 June 2017

⏱️ 15 minutes

🧾️ Download transcript

Summary

Did you know that a copy of a will may not hold up in Probate? John talks about the need to keep an original copy of the will up-to-date and in a safe place.

Devin is asked if buying a rental property in retirement is a better idea than investing in the market.

Download 3 Simple Steps to a Successful Retirement at http://www.bigpictureretirement.net/steps

Transcript

Click on a timestamp to play from that location

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.

0:12.6

Hey everyone and welcome to the Big Picture Retirement Show,

0:15.6

where we deliver insight on what you need to know for a meaningful and successful retirement. If you are planning for

0:22.9

or living in retirement, this, this show, John. This one. This is the show for you. This is.

0:29.9

This is your show. Hey, so it's time again for listener questions. That's right. One of my favorite

0:37.3

things because we actually get to go out and get the stuff that people want to know. And at least now we know that people want to know this, right? Right. Yeah. It's a whole lot easier when people actually say, hey, here's what I'd like to know. Yeah, that's right. Instead of us just making wild guesses. That's right. We think this is what people want to know, but now we know this is what people want to know.

0:57.6

And, John, I think today you have the first question.

1:01.2

Yeah, I do.

1:01.7

We had a message from Glinda, and Glinda wanted to know.

1:06.0

It sounds like she had a, I think it was a parent who has died, and they cannot locate the will. Oh, man. Now,

1:13.0

she's apparently pretty sure that there was one. Yeah. Maybe even has seen one in the past.

1:18.4

And then the question is essentially, what if, what if you can't find it? Yeah. What do you do? Yeah. So,

1:24.6

that actually can be a very difficult situation. You know, in most cases, the not only, not only do you have to have the wheel, but you typically will have to have the original of the will. Wait, wait, you have to have the original? Yeah, you have to have the original. All right. So you made me a wheel back a few years ago, and I've got it stored in Dropbox. That's not good enough?

1:50.1

No. Oh. Yeah. In fact, at least in my practice, we will typically sign everything in blue ink for the main reason so that you can identify the originals later on down the road and you're not

1:56.0

sitting there holding two things, both in black ink, trying to feel the paper to figure out which one of these is the

2:02.2

has the pin indention from it you know that i've had to do that before and it's it's pain you know

2:09.0

you've got to probate the original of the will right let's say you know you mentioned devon that

2:13.4

i did a will for you and let's say that at some point in time you decided you you know what, I don't want that will anymore. Got you. Right? So there's two ways you can revoke a will. Yeah. One of them is by doing a subsequent will that revokes the first one. All right. Right. So, you know, the new will has a statement in it that says, this is my last will and testament, and I hereby revoke all prior

2:35.2

wills.

2:36.0

Okay.

2:36.3

Perfect.

...

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