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Earn Your Leisure

Advance Placement: HOW TO PREPARE YOUR BENEFICIARIES

Earn Your Leisure

iHeartPodcasts

Education, Entrepreneurship, News, Business News, Investing, Careers, Business

4.87.8K Ratings

🗓️ 8 December 2022

⏱️ 9 minutes

🧾️ Download transcript

Summary

In this Advance Placement clip Sabine Franco went over best practices to prepare your beneficiaries for your estate plan. #estateplan #beneficiary #trust

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Transcript

Click on a timestamp to play from that location

0:00.0

Okay, so now some assets that I want to sort of point out to you that go directly to a beneficiary so you don't really have to worry about.

0:07.8

But you won't if you don't know about it, then you can't really, you know, access it, right?

0:12.7

So you have assets that go outside our assets that are owned by, that are owned as joint tenants or jointly.

0:21.1

So that could be bank accounts, you know, investment accounts, any accounts that have names with another named person that's joint.

0:29.1

And so if those exist, then they're going to go automatically to that person.

0:33.5

And we have life insurance like we talked about life insurance goes directly to the beneficiary once they, you know, make that clean and provide the death certificate retirement accounts, investment accounts.

0:45.5

And if you have a trust, the trust goal directly, it does not go through the court system. So whoever's the trustee, if they have that trust, they'll be able to just, you know, continue and roll with it.

0:56.4

So all of the assets should be listed when it comes to the trust or at least owned by the trust so that the trustee knows what exactly to do.

1:04.9

So make life a lot easier.

1:07.2

And so what are some things that you can do or you could talk to your family about doing is, you know, doing a memo, what's called a memo of accounts or is basically a listing.

1:18.5

You could do it with a spreadsheet, you could do it with, you know, anything really a listing of all of your accounts, your account numbers, the institutions that they're with their ideas and passwords.

1:33.0

I mean, it's not something you just want to leave around, but you should have a trusted person who you could, you know, sort of give that information to so that they'll, or at least they'll know where to access it, how to get a hold of it.

1:45.3

And that way you can, it makes it so much easier.

1:48.9

All these things that I just explain to you will be, you know, so much easier.

1:52.5

And if you could utilize your, you know, legacy contact with through your phone and save some information in there that might help.

1:59.5

Some things that are sensitive are like, you know, I know crypto accounts and things like that, you don't really need to, you don't really want to share those.

2:06.0

So that's still being figured out how to like maintain that sensitivity, but it's really something that you might want to do.

2:13.4

A legacy lifeline is really sort of just like filling out all these information, all this information is similar.

2:19.6

And then another thing that you could do is the state planning, you know, you can set up on a state plan, which would be the process of creating a will, creating a trust, having your healthcare proxy, a power of returning all these things in place.

2:32.7

So that all this information is kind of central and then somebody knows about it and knows how to access this information is that they'll be able to do exactly what the person wish.

2:43.7

That's all I got.

2:45.5

Question.

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