401: The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 14 April 2023

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

How important are beneficiary designations? What happens if you die without a will? What are intestate succession laws? Death is a subject that most people want to avoid, especially when it intersects with finances. Unfortunately, these are necessary questions to ask, as your legacy is at stake, and taking just a few hours to plan could save your family thousands of hours after you pass. When guest and long-time friend Renee received the call that her husband of nine years had passed unexpectedly, she was left to deal with not only her own grief but also the financial implications of her husband’s death. While the two had discussed death and finances on multiple occasions, little did they know that a common financial error would create a logistical nightmare—one that would lead to ongoing legal battles and fractured relationships. In today’s episode, Renee joins us to tell her story and stress the importance of planning for the unexpected. We cover things like beneficiary designations, wills, living trusts, and intestate succession laws. Renee also shares the three steps you MUST take to avoid having a post-passing financial nightmare. As always, our hosts Mindy and Scott are here to share some invaluable advice you won’t want to miss! In This Episode We Cover How a few hours of end-of-life planning could save your next of kin thousands of hours Why beneficiary designations are king for all financial assets Intestate succession laws and what happens when you die without a will When others may have a legal claim to assets over a spouse How relationships are impacted by the financial implications of your passing The three steps you MUST take to get your assets in order before you die And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Getting Financially “Naked” with Your Significant Other — With Erin Lowry from Broke Millennial (Episode #24) Estate Planning, Wills, and What to Do NOW to Protect Your Heirs w/Jordan Klint (Episode #395) Get Your Family Emergency Binder The Easiest Way to Create a Will Click here to check the full show notes: https://www.biggerpockets.com/blog/money-401 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This episode discusses the unexpected death of a loved one and the aftermath of that tragic event.
0:04.9	Please take care when listening, and if this is a trigger for you, you may wish to skip this episode.
0:09.4	Welcome to the Bigger Puckets Money Podcast, where we interview Renee and talk about what happens
0:14.2	when your spouse dies without a will and your finances were not totally combined.
0:18.9	Hello, hello, hello, my name is Mindy Jensen, and with me as always is my compassionate co-host, Scott Trench.
0:24.5	Thanks so much Mindy, great to be here.
0:26.4	Scott and I are here to make financial independence less scary, less just for somebody else,
0:31.2	to introduce you to every money story because we truly believe financial freedom is attainable for everyone,
0:37.1	no matter when or where you're starting.
0:38.8	That's right, with you and retire early and travel the world going to make big-time investments and assets like real estate.
0:43.7	Start your own business, or deal with the financial aftermath of losing a loved one.
0:48.3	We'll help you reach your financial goals and get money out of the way, so you can launch yourself towards your dreams.
0:52.8	Scott, today's episode deals with death, the unexpected death of a spouse, and all of the administrative tasks,
1:03.8	all of the financial tasks, all of the wrapping up of the life of someone who has since passed.
1:12.7	And today we're going to share the different things that you need to understand that has to happen
1:21.4	when you die without a will.
1:23.4	Our purpose of this story is to encourage you to get a will, to get a trust, to at the bare minimum,
1:31.4	name beneficiaries on every one of your financial accounts, so that you aren't faced with these issues going forward.
1:40.8	It's a powerful story and an example of why it's so important to get these eyes dotted and teased crossed.
1:48.4	Yep, and we fully recognize that having these conversations with your family, with your partner,
1:53.3	is not going to be a fun conversation, but that doesn't mean it doesn't have to happen.
1:59.5	You should be prepared every hour that you spend planning is, while your alive is a gift to your beneficiaries after you pass,
	...

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