Skip to site content
The Show

Money Guy, 5-5-2006 Podcast

The Importance of Wills and Estate Planning

Bring the Money Guy along in the car!

Brian was quoted in last week’s Newsweek, check it out!

The Importance of Wills and Estate Planning

Wills Help You With:
*Funeral Arrangements
*Disposing of your property
*Names a guardian for your minor children
*Names the executor or the administrator of your estate
Legal Terms Used in Estate Planning:
*Dying Testate: you died with a will
*Dying Intestate: You dies without a will
If you have minor children, it is imperative that you have a will. Without a will, a court will probably award the custody of your children to the nearest available relative. Whoever you determine will be the best guardian for your children, I would recommend that you actually ask them if they would take on this awesome resonsibility if ever required. This is a big responsibility and on that should not be taken lightly.

So What is a Will?
*A Will is a legal document that must comply with specific state laws
*A Will should generally be typed
*The person making the Will should be clearly identified
*Clearly state that this is your Will and revoke all previously made Wills
*You must be at least 18 years old and of sound mind and body at the time the Will is made
*Will must be signed and dated and generally witnessed by at least two qualified individuals
If possible, you want your assets to transfer ayutomatically at your death. This will help you avoid the cost and delays of going through probate.

Limitations of Wills
*Life Insurance
*401Ks, IRAs, and other retirement accounts
*Living trusts
*Pay-on-Death Accounts
*Property held jointly with a right of survivorship
Your Will does not supersede any of these beneficiary designations
Other Considerations for Wills:
*Credit-Shelter Trust or By-Pass Trust – Through this trust you can transfer up to $2,000,000 (growing in stages to $3,500,000 by 2009) to any beneficiary without payment of any estate tax. The trust is designed to bypass your spouse’s taxable estate, while still providing your spouse access to the trust funds
*QTIP (Qualified Terminable Interest Property)-type of trust created to take advantage of specific estate tax advantages for married couples. Under QTIP trust, the deceased spouse can leave their property in a trust providing income for the surviving spouse as long as they are alive and at their death the remaining interest in the trust goes to whomever the deceased spouse chooses.
*Distribution of asstes to children

Enjoy the Show?


Where You Can Watch and Listen:

Subscribe on these platforms or wherever you listen to podcasts for new episodes every Friday, live streams every Tuesday at 10am CT, and new highlight clips throughout the week.

Related Content

Free Resources

Financial Order of Operations®: Maximize Your Army of Dollar Bills!

Here are the 9 steps you’ve been waiting for Building wealth is simple when you know what to do and…

View Resource

Wealth Multiplier By Age

How much to save every month to become a millionaire.

View Resource

Car Buying Checklist

Here’s how to buy a dependable car that won’t break the bank.

View Resource


Exclusive Sneak Peek of Millionaire Mission by Brian Preston

, ,

Read More

The Wait is Over…

, ,

Read More

Can This Annuity DESTROY Your Retirement?

, ,

Read More

Financial FAQs

Courses & Tools

How about more sense and more money?

Check for blindspots and shift into the financial fast-lane. Join a community of like minded Financial Mutants as we accelerate our wealth building process and have fun while doing it.

Millionaire Mission (Brian’s Book)

Buy Now

Know Your Number Course

Buy Now

The Money Guy Net Worth Tool

Buy Now

Recent Episodes

It's like finding some change in the couch cushions.

Watch or listen every week to learn and apply financial strategies to grow your wealth and live your best life.

FULL WinFinanciallyByIncome A 1

How to Win Financially Based on Your Income! ($30k, $50k, $100k, $150k)

Watch Now
Tightwad QA

Does Investing Over 25% Make You a Tightwad?

Watch Now
Dave Meyer Thumbnail

Should You Worry About a Housing Crash in 2024? with Dave Meyer of BiggerPockets

Watch Now