What Your Will WON'T Do
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 4 November 2024
⏱️ 46 minutes
🧾️ Download transcript
Summary
In this episode, we're breaking down common myths about what a Will can actually take care of. A lot of people think a will covers everything, but it's not that simple! We'll explain how probate works, why some assets don't go through your will, and what your will can't control — like retirement accounts or jointly owned property. We'll also talk about other tools you might need to make sure your plans really happen the way you want. Join us to learn what your will really does and avoid surprises for your family down the road.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.6 | Hey, everyone, welcome to The Big Picture Retirement Show. |
| 0:13.4 | I'm your host, Devin, joined by my co-host, John Key Rops. |
| 0:17.1 | Howdy. |
| 0:17.7 | John, the other day, I was talking to someone, and they said, let me give you a little context |
| 0:22.2 | before I can just get to the story. So they had made a loan to a family member and they were |
| 0:27.1 | talking about getting repaid on that loan and the likelihood of getting repaid on that loan, |
| 0:31.7 | which we've talked about on the podcast before, right? Yeah, which is zero or statistically |
| 0:36.7 | close enough. Yeah. So they were saying, well, you know, |
| 0:40.6 | I'm pretty sure, though, that at least if something happens to me before that loan gets repaid, |
| 0:46.1 | I got that handled in my will. I said, you've got a repayment of that loan handled in your will. |
| 0:52.7 | Yep, yep. Yeah, I'm pretty sure it's in there. |
| 0:55.1 | I said, well, you know, look, I'm not an estate planning expert, |
| 0:58.7 | but I'm not sure that your will is going to take care of that just the way that you think it will. |
| 1:05.8 | But it did remind me that there's a lot of people that think that this, |
| 1:08.7 | that a last will and testament is this Swiss Army knife |
| 1:11.5 | that can fix all sorts of things and make it right. |
| 1:17.6 | And, man, are you wrong? |
| 1:20.2 | I used to do a speech. |
| 1:22.3 | In fact, I still will do it occasionally. |
| 1:25.2 | But I did the same speech about 8,000 times there for a while in various |
... |
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