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Investing for Beginners

AAR31 - What is a Will?

34 min episode · 2 min read

Episode

34 min

Read time

2 min

Topics

Relationships, Design & UX

AI-Generated Summary

Key Takeaways

  • State probate delays: Without a will, estates enter state probate with backlogs of six to eight months, leaving spouses unable to access bank accounts, homes, or vehicles even with marriage certificates as proof of relationship.
  • Beneficiary designation: Add beneficiaries to all bank and brokerage accounts as a minimum protection step. Loved ones can then access funds immediately with just a death certificate and ID, bypassing lengthy probate processes entirely.
  • Will creation options: Create a will through LegalZoom for approximately $100, write it yourself with notarization in certain states, or hire an attorney for complicated estates. Update after major life events like marriage, divorce, or property purchases.
  • Document storage system: Store original wills in fireproof safes, make five physical copies for family members, scan digital versions to cloud storage, and maintain a binder with all passwords, account numbers, and insurance information for easy access.

What It Covers

Dave Ahern explains why wills matter, how to create one through attorneys or LegalZoom for around $100, what happens without one, and the difference between wills and trusts for estate planning.

Key Questions Answered

  • State probate delays: Without a will, estates enter state probate with backlogs of six to eight months, leaving spouses unable to access bank accounts, homes, or vehicles even with marriage certificates as proof of relationship.
  • Beneficiary designation: Add beneficiaries to all bank and brokerage accounts as a minimum protection step. Loved ones can then access funds immediately with just a death certificate and ID, bypassing lengthy probate processes entirely.
  • Will creation options: Create a will through LegalZoom for approximately $100, write it yourself with notarization in certain states, or hire an attorney for complicated estates. Update after major life events like marriage, divorce, or property purchases.
  • Document storage system: Store original wills in fireproof safes, make five physical copies for family members, scan digital versions to cloud storage, and maintain a binder with all passwords, account numbers, and insurance information for easy access.

Notable Moment

A bank customer discovered her deceased husband left no will and her name appeared on no accounts after thirty to forty years of marriage, leaving her legally without income, housing access, or transportation for months.

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Episode Transcript

Carvana is so easy. Just a click, and we've got ourselves a car. See? So many cars. That's a clicktastic inventory. And check out the financing options. Payments to fit our budget. I mean, that's Clickonomics one zero one. Delivery to our door. Just a hop, skip, and a click away. And bought. No better feeling than when everything just clicks. Buy your car today on Carvana. Delivery fees may apply. Overwhelmed by investing? If you're anything like us, the hardest part is getting started. That's why we created the investing for beginners podcast. Our goal is to help simplify money so it can work for you. We invite guests to demystify investing. At least, like, the minimum 10% into the 04/2001 k. I'm Dave Ahern. And I'm Andrew Sather. And we hope you join us on the investing for beginners podcast. On the Investing for Beginners podcast. When I was in the bank, I had a woman, come in to talk to me because her husband had passed away a few weeks ago, a few weeks prior. And she was not a signer on his accounts, and she had he did not leave a will behind, and they had been married for, I don't know, thirty or forty years. She had no access to anything. His name was on the house. His name was in all the cars. He was the only signer, on the bank accounts, and so she had no income. Legally, she had nowhere to live, and she had no Good evening, everyone, and welcome back to At Any Rate. My name is Evan Ray, and we are here to help you make sustainable financial changes without breaking a sweat. Please welcome to stage the one, the only investing Yoda and lover of new age banks, Dave Ahern. How are you doing tonight? I'm doing great, Evan. Thanks, thanks for having me back. It's always fun to chat with you. Heck. Yeah. I I do think that that is probably the first time that that has ever been used in an intro for anybody in any podcast or video in history. I would probably agree with that. Yes. And that should feel good. That should feel good after a unique intro. Yes. Agree. So to, to be transparent about today's episode, we're gonna be covering wheels, which I know sounds very, very dull, but trust me, this everything around finances can be dull, but it it's about the importance behind it and not all of it. You know, it's it's it may be a dull topic in and of itself, but it's not dull because it's going to take a massive amount of work to take on or or, implement into your finances or anything like that. But it it's about understanding the importance behind it and the kind of effects it can have on your life. But to be transparent here, a will is something that I've never had before. This is gonna be more …

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Books, tools, and gear mentioned in this episode

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Tools

  • LegalZoomRecommended

    by LegalZoom

    Create a will through LegalZoom for approximately $100, write it yourself with notarization in certain states, or hire an attorney for complicated estates.

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